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IMM Investment to buy Korean logistics group Hyundai Merchant Marine’s LNG unit

14 Feb 2014

South Korean private equity firm IMM Investment Corp is to acquire Hyundai Merchant Marine’s liquefied natural gas (LNG) transport business for KRW1.1tn ($1.03bn).

The shipping and logistics company, which is seeking to alleviate its debt burden, is also looking to offload its brokerage arm, Hyundai Securities.

The division operates ten transportation vessels and import LNG under contract with 10 vessels and carries nearly 20 percent of South Korea’s annual LNG imports under long-term national energy utility Korea Gas Corp.

IMM was established in 2006 and is South Korea’s largest private equity firm. Investing across Asia, the firm has a particular focus on growth capital and special situations. It has some KRW1.5tn under management, raising its most recent fund in 2011, the KRW756bn IMM Rosegold PEF II.

Earlier this year, the firm was named amongst other private equity suitors for South Korean security unit Caps Co.

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