(Seoul=NSP News Agency) soon ki Lee Journalist = Hyundai Home Shopping will sell its 80% stake including the management rights of Hyundai Rental Care to Sierrainvestment, a private equity fund management company, for 137 billion won.
The company has agreed to 100% employment succession for all Hyundai Rental Care employees with Sierrainvestment, the acquisition entity. It also plans to maintain a cooperative relationship for the sustainable growth of Hyundai Rental Care by holding a remaining 20% stake after the sale.
Sierrainvestment plans to create a separate fund involving M Capital(formerly Hyosung Capital), which runs a credit-specialized financial business, as major investors and proceed with the acquisition process, and will finalize it within January next year.
Regarding the sale of the management rights of Hyundai Rental Care, Hyundai Home Shopping explained that it was promoted as a preemptive business portfolio reorganization and adjustment to strengthen the competitiveness of the main business and focus on future growth businesses in the rapidly changing internal and external business environment, such as the transition to a holding company.
Based on the funds secured through this sale, Hyundai Home Shopping plans to actively engage in new businesses or M&A that meets the company’s future growth strategy in the future.
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