The Korea Times
KG Group will take over Korea’s largest secondhand car trading platform K Car, as it seeks to establish a mobility ecosystem spanning automobile manufacturing, retailing and IT platform. According to regulatory filings Wednesday, KG Steel, a steelmaking unit of KG Group, signed a contract a day earlier to acquire a 72.2 percent stake in K Car from private equity Hahn & Co. Auto Holdings at 550 billion won ($364.7 million). K Car is Korea’s largest secondhand car trading platform, operating 48 directly managed outlets nationwide. Its sales reached 2.5 trillion won last year. Through the acquisition, KG Group has secured an integrated mobility business ecosystem covering KG Mobility’s automobile manufacturing, K Car’s car distribution and KG ICT’s IT platform operation. KG Group plans to integrate KG Mobility’s vehicle production capabilities and global sales network with K Car’s online and offline distribution platform to provide end-to-end services spanning the entire process from purchase to distribution and after-sales service. The group said the acquisition is a strategic
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