Carlyle buys US$510m stake in logistics arm from Hyundai Motor Group

[SEOUL] Private equity giant Carlyle Group bought a 10 per cent stake in logistics company Hyundai Glovis Co Ltd worth about US$510 million, 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.

"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 per cent held by owner families, down from a 30 per cent stake.

REUTERS