Hahn & Co will be paying $283 million or KRW 300 billion to acquire a stake in the bulk shipping company of Hanjin Shipping Co, Bloomberg reported. Hahn & Co is a private equity fund based in South Korea while Hanjin Shipping is the biggest sea cargo carrier in South Korea. The report said the stake sale is part of the carrier's plan to raise funds and reduce debt.
In an emailed statement to Bloomberg, Hanjin Shipping said the private equity firm will hold a 76% stake in the bulk carrier business while the rest of the stake will be owned by the Seoul-based cargo liner.
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