Hyundai Development’s consortium closes $2.2 billion acquisition of Asiana Airlines

South Korean Seol-based Hyundai Development Company (HDC) stated on Friday its consortium has closed on its 2.5 trillion won ($2.16 billion) acquisition of a controlling stake in the nation’s second-biggest carrier Asiana Airlines Inc.

Hyundai Development stated out of the 2.5 trillion won its consortium with Mirae Asset is going to pay for the acquisition, its part was 2.01 trillion won.

In November 2019, HDC consortium was chosen as a preferred bidder for Asiana Airlines.

The airline’s leading shareholder, Kumho Industrial, put its 31.05% stake up for sale previously this year as it came under pressure from Asiana creditors to decrease debt at the loss-making carrier.