[THE INVESTOR] Hyundai Department Store Group, a major Korean retailer, said on Oct. 5 it has agreed to take over a local construction material maker for 368 billion won (US$325.30 million) in a bid to raise its interior business to be a key growth engine.
Hyundai Home Shopping Network, the business group’s home shopping arm, signed the agreement with Morgan Stanley Private Equity to buy a 100 percent stake in Hanwha L&C.
The latest acquisition is part of the conglomerate’s broader aim to become a leading interior company in addition to its retail and fashion businesses.
“Hanwha L&C’s reputation and competitiveness in the construction materials industry were well-suited for our growth vision,” a Hyundai official said. “We also thought it would be able to create synergy with our furniture affiliate, Hyundai Livart.”
Hanwha L&C, formerly an affiliate of Korean conglomerate Hanwha Group, was wholly purchased by Morgan Stanley Private Equity in 2014 for 300 billion won.
By Song Seung-hyun and newswires (email@example.com)