Hyundai Futurenet Acquires Hyundai IT&E for 33.4 Billion KRW... "Leap to Media Content Company"

Hyundai FutureNet, an ICT subsidiary of Hyundai Department Store Group, has acquired IT specialist company 'Hyundai IT&E'.

On the 10th, Hyundai FutureNet announced that it signed a stock purchase agreement to acquire 100% of Hyundai IT&E shares held by Hyundai GF Holdings (95% stake), the holding company of Hyundai Department Store Group, and Hyundai Shopping (5% stake) for 33.4 billion KRW.

원본보기 아이콘

Hyundai IT&E is a company that builds, operates, and manages the IT infrastructure and network of Hyundai Department Store Group. Last year, it achieved sales of 59.4 billion KRW and an operating profit of 3.2 billion KRW. Hyundai FutureNet stated that the acquisition was decided to secure the necessary technology and expertise to leap forward as an innovative media content company.

A Hyundai FutureNet official explained, "Hyundai IT&E is a stable company that consistently generates profits every year, making it a valuable investment. We decided to acquire it because we believe it will create significant synergy not only in enhancing competitiveness as an innovative media content company providing digital experiences but also in expanding our business portfolio." He added, "We are also considering a merger to maximize and create business synergy between the two companies."

On the same day, Hyundai FutureNet also announced that it will acquire the outdoor parking lot of Hyundai Department Store Daegu Branch, owned by Hyundai Shopping, for 40.1 billion KRW. A company official said, "We decided to acquire it because it offers stable rental income and high investment value, and we expect asset value appreciation in the future."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.