Hyundai Group seals Doosan Infracore deal

Media outlets in Korea are reporting that Hyundai Heavy Industries is to acquire a 34.97% share in Doosan Infracore from Doosan Heavy Industries & Construction for Korean Won 850 billion ($758 million).

Doosan Infracore is the heavy construction division of the Seoul-headquartered Doosan Group. The transaction does not include Doosan Bobcat, which accounted for 57% of Infracore’s 2019 revenues.

Construction machines from Doosan Infracore

The deal will mean that Hyundai will own Hyundai Construction Equipment as well as the Doosan Infracore construction equipment business.

Regulatory authorities in South Korea and other countries including China will be asked to approve the acquisition, with plans to complete the acquisition by the third quarter of 2021.

More to follow.