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

SEOUL (Reuters) – South Korean builder Hyundai Development Co (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 (KS:).

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

The airline’s top shareholder, Kumho Industrial Co Ltd (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.

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