SEOUL, Apr. 16 (Korea Bizwire) – SK Networks, a major South Korean conglomerate, has decided to sell its wholly owned car rental subsidiary, SK Rent-a-Car, as part of efforts to secure funds for its artificial intelligence (AI) growth initiatives. In a regulatory filing on April 16, SK Networks announced that it has selected Affinity Equity [...]
SEOUL, Sept. 21 (Korea Bizwire) —SK Chemicals is contemplating the potential sale of its pharmaceutical business to Glenwood Private Equity (PE), a private equity fund manager. In response to a disclosure request from the Korea Exchange regarding Glenwood PE’s proposed acquisition of SK Chemicals’ pharmaceutical business unit, SK Chemicals stated, “We are in the process [...]
SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s major pharmaceutical firm Cellltrion Inc. said Thursday it will merge with its sales and marketing affiliate Celltrion Healthcare Co. in a bid to become a global drugmaker by streamlining its key operational structure. The company said in a regulatory filing that the merger is aimed at growing [...]
SEOUL, March 13 (Korea Bizwire) — Hyundai Motor Co., South Korea’s leading carmaker, said Monday it is in the process of acquiring General Motors Co.’s car manufacturing facility in India. Hyundai Motor has signed a term sheet with GM to take over the U.S. carmaker’s Talegaon plant in Maharashtra, the company said in a statement. [...]
SEOUL, Feb. 14 (Korea Bizwire) — Park Ji-won, CEO of local K-pop powerhouse Hybe, has said his company will ensure the independence of its rival SM Entertainment even after becoming its top shareholder and that SM founder Lee Soo-man will stay away from management, according to sources in the music industry. Park made the remarks [...]
SEOUL, Feb. 6 (Korea Bizwire) — Dongwon Group, a major South Korean food company, is pushing to acquire McDonald’s Korea, industry sources said Monday, in the food maker’s push to strengthen its restaurant business. Dongwon Industries Co., the holding company of the group, has been the preliminary sole bidder in the acquisition of McDonald’s Korea, [...]
SEOUL, Jan. 19 (Korea Bizwire) — LG Chem Ltd., a major South Korean chemicals firm, said Thursday it will complete the acquisition of AVEO Pharmaceuticals Inc., a U.S. bio firm focused on renal cell carcinoma, later this week. It has invested US$571 million in its U.S. affiliate, LG Chem Life Science Innovation Center, to take [...]
SEOUL, Jan. 15 (Korea Bizwire) — The head of Poshmark, a U.S. social commerce marketplace for fashion, has said the merger with South Korean tech giant Naver Corp. will give fresh growth momentum to both companies and help them grow into a global player in the world. “I’m really excited about our integration with Naver, [...]
SEOUL, Oct. 11 (Korea Bizwire) — Lotte Chemical Corp. said Tuesday it is acquiring a major stake in a leading South Korean copper foil producer for 2.7 trillion won (US$1.88 billion) as part of efforts to advance into the battery components sector. Lotte Chemical signed a stock purchase agreement to take over a 53.3 percent [...]
SEOUL, Oct. 4 (Korea Bizwire) — Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Tuesday it has acquired a U.S. auto auction dealer as it pushes to make inroads into overseas secondhand car markets. Hyundai Glovis said it has taken over a 100 percent stake in Greater Erie Auto Auction (GEAA), a [...]