July 16, 2014 / 9:36 AM / 4 years ago

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

TOKYO, July 16 (Reuters) - Japan’s Orix Corp has agreed to buy a controlling stake in a logistics unit of South Korean conglomerate Hyundai Group, a person with direct knowledge of the matter said on Wednesday.

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 about 90 percent of Hyundai Logistics Co, said the source, who was not authorised to discuss the matter publicly. The identity of the partner is not known at this moment.

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

An Orix spokesman 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; Editing by Edmund Klamann)

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