Hyundai Glovis joins bid for Asiana Airlines’ Cargo deal

Hyundai Glovis Co. is seeking to join in on South Korean cargo carrier Air Incheon’s deal to purchase Asiana Airlines’ cargo unit. In a statement published on Tuesday, Hyundai Glovis announced a total of 150b won ($198m) investment in Socius No. 5 PEF, a private equity (PE) and Air Incheon’s major shareholder, a move that allows Hyundai Glovis as a strategic investor (SI) to join the consortium led by Air Incheon to acquire Asiana Airlines‘ cargo business. With the latest round of investment, the logistics company will become the second-largest investor in Socius No. 5 PEF after Inhwa Precision. Hyundai Glovis will acquire 50b won worth of shares in the fund, with plans to invest an additional 100b won at a later date.<br/>