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Carlyle buys $510 mln stake in logistics arm from Hyundai Motor Group owner family members

Mark White by Mark White
January 5, 2022
in Logistics
0

Euisun Chung, executive chair of Hyundai Motor Group, speaks at a Hyundai news conference during CES 2022 in Las Vegas, Nevada, U.S. January 4, 2022. REUTERS/Steve Marcus

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SEOUL, Jan 5 (Reuters) – Private equity giant Carlyle Group (CG.O) bought a 10% stake in logistics company Hyundai Glovis Co Ltd (086280.KS) worth about 611 billion won ($510 million), Hyundai Motor Group said on Wednesday.

The shares in the Hyundai Motor (005380.KS) 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.

“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.

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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.

($1 = 1,198.1300 won)

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Reporting by Joyce Lee & Heekyong Yang; editing by Jason Neely, Emelia Sithole-Matarise and Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.

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Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

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