Hyundai Glovis joins bid for Asiana Airlines’ Cargo deal

Hyundai Glovis CEO Lee Kyoo-bok presents the company’s mid- to long-term business strategy and expanded shareholder return policy at the ‘2024 CEO Investor Day’. [Courtesy of Hyundai Glovis Co.]

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 150 billion won ($198 million) 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 50 billion won worth of shares in the fund, with plans to invest an additional 100 billion won at a later date.