Carlyle buys $510 million stake in logistics arm from Hyundai

Carlyle Group purchased a 10% stake in logistics company Hyundai Glovis worth about 611 billion won ($510 million), Hyundai Motor Group said on Wednesday.

The shares in the Hyundai Motor affiliate have been 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 company said in a statement.

Carlyle is yet to comment on the deal.

South Korea recently strengthened its antitrust rules against listed companies with over 20% held by owner families, compared to a 30% stake earlier.