According to the Korea Herald, CJ Group said on July 11 that it has signed a contract to purchase a 37.62 percent stake in Korea Express for 1.85 trillion won ($1.75 billion). CJ affiliates CJ Cheiljedang Corp. and CJ GLS Inc. said they will each pay 922.5 billion won to acquire South Korea’s largest logistics firm from Kumho Asiana Group.
The creditors of Korea Express, which include Asiana Airlines Inc. and Daewoo Engineering & Construction Co., plan to complete the sale by the end of July.
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