Global Vessel Solutions LP, managed by KKR & Co. Inc. (NYSE:KKR) entered into an agreement to acquire a 38% stake in Hyundai Global Service Co., Ltd. from Hyundai Heavy Industries Holdings Co., Ltd. (KOSE:A267250) for approximately KRW 650 billion on February 23, 2021. Under the terms, KKR will acquire 1.52 million shares of Hyundai Global Service.

The disposal amount can be additionally settled through consultation between the transaction parties according to the financial statements confirmed at the time of transaction closing. This contract also allowed Hyundai Global Service to pay out a cash dividend of KRW 150 billion to Hyundai Heavy Industries Holdings Co., Ltd. Post completion, Hyundai Heavy Industries Holdings Co., Ltd. will hold 2.48 million shares of Hyundai Global Service representing 62% stake. The Board of Hyundai Heavy Industries Holdings Co., Ltd. resolved this transaction on February 23, 2021.

Expected date of disposal is on June 1, 2021. The funds will be used to foster future businesses such as robots, AI, and hydrogen.