Private equity giant Carlyle Group bought a 10% stake in logistics company Hyundai Glovis Co Ltd worth about $510m, Hyundai Motor Group said on Wednesday.
The shares in the Hyundai Motor affiliate were sold by Hyundai Motor Group Chairman Euisun Chung and Honorary Chairman Mong-Koo Chung, Hyundai Glovis said in a regulatory filing. Mong-Koo Chung and Euisun Chung are father and son.
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“Carlyle’s deep sector expertise and strong operational value-creation capabilities will benefit the corporate value and the shareholder value of Hyundai Glovis going forward,” the group said in a statement.
Carlyle did not immediately respond to a request for comment.
South Korea recently strengthened its antitrust regulations against listed companies with more than 20% held by owner families, down from a 30% stake.
Source: FX Empire
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