GE Unit to Buy 43 pct Stake in Hyundai Motor's Card Unit

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00014712-ge-unit-to-buy-43-pct-stake-in-hyundai-mo/

General Electric Co.’s financing unit will buy a 43 percent stake in the credit card arm of South Korea’s Hyundai Motor Co., the auto maker and its unit, Hyundai Card, said on Tuesday.

Fuller details including financial terms are to be released on August 10, but local media have estimated the deal to be worth about 400 billion won ($390 million).

GE Consumer Finance has already purchased a 38 percent stake in an automotive financing unit of Hyundai Motor for $371 million in August 2004. The purchase of the Hyundai Card stake would give the GE unit a foothold in South Korea’s consumer financing market through the country’s third-largest credit card firm.

For this complete story, please visit GE Unit to Buy 43 pct Stake in Hyundai Motor’s Card Unit.

GE Unit to Buy 43 pct Stake in Hyundai Motor's Card Unit

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