The Carlyle Group has agreed to invest $169 million in Hyundai Communications and Network, a cable TV system operator and affiliate of Hyundai Department Store Group, for a 33.5 percent stake.
The equity investment will make Carlyle the second largest shareholder in the company after Hyundai Department Store who holds a 65 percent stake, according to a statement.
Carlyle’s investment will go toward upgrading Hyundai’s digital network and improving the quality of its content and services.
The transaction in Korea extends Carlyle’s media sector exposure. In July, the US private equity group gained regulatory approval to conclude a $1.5 billion acquisition of Eastern Multimedia Company and Eastern Broadcasting Company. In December, Carlyle sold its stake in Taiwan Broadband Communications to Macquarie Media Group for $890 million.
Hyundai Communications and Network owns and operates 11 cable TV systems throughout Korea, and counts itself among the country’s top four multiple system operators with 1.1 million subscribers.