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Kumho selects Hyundai Development consortium for Asiana stake

Kumho Industrial has selected the Hyundai Development-Mirae Asset Daewoo consortium as the preferred bidder for its 31% stake in Asiana Airlines.

“Kumho Industrial plans to sign a contract with the preferred bidder for the sale of (its shares in Asiana Airlines) and a contract for new shares [issued by the acquirer] within this year,” the company tells Cirium.

It adds that the transaction will close when the domestic and overseas corporate combination reports are completed within the first half of next year.

“Once the final contract is signed, Asiana Airlines will be transferred to HDC Group, the preferred bidder.”

Kumho first announced the divestment in April, and in July, appointed Credit Suisse its sole advisor for the transaction.

The two other bidders were the Jeju Air-Stonebridge consortium, as well as one comprising of the Korea Corporate Governance Improvement and BankerStreet private equity funds.

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