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Hyundai, KT swap shares worth 750 bln won to expand future mobility partnership

M&As/ Investment 18:54 September 07, 2022

SEOUL, Sept. 7 (Yonhap) -- Hyundai Motor Group, South Korea's top automaking group, and telecom giant KT Corp. will strengthen their partnership in future mobility solutions business through share-swap deals amid growing demand for electric and autonomous vehicles, the two companies said Wednesday.

Under the share swap deals, KT will exchange its own 7.7 percent stake worth about 750 billion won (US$541 million) with a 1.04 percent stake in Hyundai Motor Co. and a 1.46 percent stake in Hyundai Mobis Co..

The two will collaborate in developing telecommunication infrastructure for advanced air mobility (AAM) and connected car services, the companies said in a statement.

KT is the country's biggest fixed-line and second-biggest wireless services provider after SK Telecom Co.

Hyundai also aims to develop the 6G networks optimized for the operation of an autonomous vehicle through partnership with KT, which commercialized the 5G technology for the first time in the world.

5G is the fifth generation of mobile networks, following on from previous generations; 2G, 3G, and 4G. It can offer much faster connection speed, lower latency and greater capacity than 4G LTE networks.

This image shows the headquarters building of Hyundai Motor Group. (Yonhap)

kyongae.choi@yna.co.kr
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