World News

Hyundai Development says consortium closes $2.2 billion acquisition of Asiana Airlines

SEOUL (Reuters) – South Korean builder Hyundai Development Co <294870.KS> 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 <020560.KS>.

Hyundai Development said out of the 2.5 trillion won its consortium with Mirae Asset <006800.KS> will pay for the acquisition, its portion was 2.01 trillion won.

The airline’s top shareholder, Kumho Industrial Co Ltd <002990.KS>, 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.

(Reporting by Joyce Lee; Editing by Jacqueline Wong)