UPDATE 1-Japan's Orix to buy control of S.Korea's Hyundai Logistics -source

Wed Jul 16, 2014 6:05am EDT

(Recasts with total deal size)

TOKYO, July 16 (Reuters) - Japanese financial firm Orix Corp has agreed to buy a controlling stake in a logistics unit of South Korean conglomerate Hyundai Group in a deal worth about 600 billion won ($581.5 million), two people with direct knowledge of the matter said on Wednesday.

Orix and its partners will acquire about 90 percent stake in Hyundai Logistics Co, the people said, declining to be named as they were not authorised to speak to the media.

Orix and a South Korean partner will pay about 240 billion won ($230 million) for a 70 percent stake in a special purpose company that will own the stake in Hyundai Logistics Co, one of the sources said. The identity of the partner is so far unknown.

The rest of the special purpose company will be held by Hyundai Merchant Marine Co, the source said.

Officials at Orix and Hyundai Group declined to comment.

Orix, a financial company with a diverse investment portfolio, has been actively buying stakes in a wide array of businesses at home and overseas. Last month, it agreed to buy a majority stake in Japanese automobile prototype maker Arrk Corp . ($1 = 1032.8000 Korean Won) (Reporting by Taiga Uranaka in TOKYO and Hyunjoo Jin in SEOUL; Editing by Edmund Klamann and Miral Fahmy)