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

By Heekyong Yang and Joyce Lee

SEOUL (Reuters) -Private equity giant Carlyle Group 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 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% held by owner families, down from a 30% stake.

($1 = 1,198.1300 won)

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