Hyundai Development says consortium closes $2.2 billion acquisition of Asiana Airlines
Reuters
Published Dec 26, 2019 10:56PM ET
Hyundai Development says consortium closes $2.2 billion acquisition of Asiana Airlines
SEOUL (Reuters) - South Korean builder Hyundai Development Co (KS:294870) said on Friday its consortium has closed on its 2.5 trillion won ($2.16 billion) acquisition of a controlling stake in the country's second-biggest carrier Asiana Airlines Inc (KS:020560).
Hyundai Development said out of the 2.5 trillion won its consortium with Mirae Asset (KS:006800) will pay for the acquisition, its portion was 2.01 trillion won.
The airline's top shareholder, Kumho Industrial Co Ltd (KS:002990), put its 31.05% stake up for sale earlier this year as it came under pressure from Asiana creditors to reduce debt at the loss-making carrier.
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Written By: Reuters
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