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Business deals

Consortium closes $2.2bn acquisition of Asiana Airlines

South Korean builder Hyundai Development led the group

  Asiana Airlines is South Korea's second-biggest carrier.   © Reuters

SEOUL (Reuters) -- South Korean builder Hyundai Development Co 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.

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

The airline's top shareholder, Kumho Industrial Co Ltd , 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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