[Market Insight] Hyundai Motor Liquidates 10 Years of Equity Partnership with GE Capital
[Market Insight] Hyundai Motor Liquidates 10 Years of Equity Partnership with GE Capital
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2014.10.22 18:18
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SEOUL, KOREA - Hyundai Motor Group will acquire the stakes of Hyundai Capital and Hyundai Card hitherto held by GE Capital of the United States. The joint venture relationship that Hyundai Motor has formed with GE Capital in 2004 and 2005 when it sold shares to the American financial service provider.
 
According to financial service industry sources on October 21, Hyundai Motor has begun the process to repurchase the stakes by selecting JPMorgan Chase, Attorneys at Law Office of Yulchon, and Samjong KPMG as advisors. GE Capital paid 620 billion won and 678.3 billion won to buy a 43-percent stake in Hyundai Capital and Hyundai Card, respectively.
 
Once the auto maker succeeds in buying back the stakes, its stake in the two financial arms would rise to 99.77 percent and 96.98 percent each. With this, GE Capital's withdrawal from Korea's financial market that has started in 2012 would be finalized. The price tag for the two companies is estimated at 1.5 trillion won to 2.0 trillion won.
 
The assets of Hyundai Capital, Korea's largest sales finance company, are 22,098 billion won as of the end of the first half this year, about 3.5 times higher than the runner-up Aju Capital (6,419 billion won). Hyundai Card, the nation's second or third largest credit card issuer, has assets of 11,917.8 billion won.
 
Article provided by The Korea Economic Daily

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