SEOUL, June 17 (AJP) - Hyundai Glovis has stepped up its ambitions in global air logistics, committing 200.6 billion won (approximately $145 million) to a private equity fund backing Air Incheon’s acquisition of Asiana Airlines’ cargo division.
The move strengthens Glovis’s position in the freight sector and grants it preemptive rights in the event of a future sale of the combined cargo carrier.
The investment was disclosed in a regulatory filing on June 16 and marks an expansion of Glovis’s involvement in the private equity fund. The fund — jointly managed by Socius Private Equity and Korea Investment Partners — is spearheading the takeover of Asiana’s cargo business by Air Incheon, South Korea’s only dedicated cargo airline.
With this latest infusion, Hyundai Glovis has increased its stake in the fund from 34.9 percent to 45.2 percent, becoming its largest investor. The company had initially planned to commit 150 billion won, but the expanded stake reflects a deepening strategic interest in air freight and logistics infrastructure.
The acquisition structure includes roughly 350 billion won in equity and 300 billion won in acquisition financing. Of that, 470 billion won is expected to be injected into Air Incheon through a capital increase, with the remaining funds earmarked for aircraft procurement and infrastructure development post-merger.
Glovis previously invested 50 billion won in a separate Socius PE fund in 2024, signaling its growing appetite for high-value logistics plays amid intensifying global demand for integrated supply chain services.
The divestiture of Asiana’s cargo unit was a key condition set by the European Commission earlier this year as part of its antitrust approval for the merger between Korean Air and Asiana. Air Incheon was named the preferred buyer, with the newly integrated cargo carrier slated to begin operations on August 1, 2025.
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