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Carlyle purchases $510 million stake from family members of Hyundai Motor Group owners in the logistics arm

Please try another search Economy45 minutes ago (Jan 05, 2022 05:55AM ET) © Reuters. FILE PHOTO: 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 By Heekyong Yang and Joyce Lee SEOUL (Reuters) -Private equity giant Carlyle…


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Economy45 minutes ago (Jan 05, 2022 05: 55AM ET)

Carlyle buys $510 million stake in logistics arm from Hyundai Motor Group owner family members(c) Reuters. FILE PHOTO: 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

By Heekyong Yang and Joyce Lee

SEOUL (Reuters) -Private equity giant Carlyle Group (NASDAQ:) bought a 10% stake in logistics company Hyundai Glovis Co Ltd worth about 611 billion won ($510 million), Hyundai Motor Group said on Wednesday.

The shares in Hyundai Motor group affiliate were sold by Chairman EuisunChung and Honorary Chairman Mong Koo Chung, Hyundai Glovis stated in a regulatory filing. Mong-Koo and Euisun are son and daughter.

“Carlyle’s strong operational value-creation capabilities and deep sector expertise will benefit Hyundai Glovis’ corporate value and shareholder value going forward,” the group stated in a statement.

Carlyle didn’t immediately respond to a request of 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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