Carlyle buys $510 million stake in logistics arm from Hyundai Motor Team proprietor household contributors

© Reuters. FILE PHOTO: Euisun Chung, govt chair of Hyundai Motor Team, speaks at a Hyundai data conference at some point of CES 2022 in Las Vegas, Nevada, U.S. January 4, 2022. REUTERS/Steve Marcus

By Heekyong Yang and Joyce Lee

SEOUL (Reuters) -Non-public equity huge Carlyle Team (NASDAQ:) bought a 10% stake in logistics company Hyundai Glovis Co Ltd worth about 611 billion received ($510 million), Hyundai Motor Team acknowledged on Wednesday.

The shares in the Hyundai Motor affiliate had been sold by Hyundai Motor Team Chairman Euisun Chung and Honorary Chairman Mong-Koo Chung, Hyundai Glovis acknowledged in a regulatory submitting. Mong-Koo Chung and Euisun Chung are father and son.

“Carlyle’s deep sector journey and accurate operational value-creation capabilities might possibly perhaps assist the corporate value and the shareholder value of Hyundai Glovis going forward,” the community acknowledged in a assertion.

Carlyle did no longer at once reply to a request for squawk.

South Korea lately bolstered its antitrust guidelines in opposition to listed corporations with better than 20% held by proprietor households, down from a 30% stake.

($1 = 1,198.1300 received)

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