Deals - Asia

Hyundai Development says consortium closes $2.2 billion acquisition of Asiana Airlines

FILE PHOTO: A view of the Asiana Airline's head office in Seoul August 8, 2013. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korean builder Hyundai Development Co 294870.KS said on Friday its consortium has closed on its 2.5 trillion won ($2.16 billion) acquisition of a controlling stake in the country's second-biggest carrier Asiana Airlines Inc 020560.KS.

Hyundai Development said out of the 2.5 trillion won its consortium with Mirae Asset 006800.KS will pay for the acquisition, its portion was 2.01 trillion won.

The airline's top shareholder, Kumho Industrial Co Ltd 002990.KS, put its 31.05% stake up for sale earlier this year as it came under pressure from Asiana creditors to reduce debt at the loss-making carrier.

Reporting by Joyce Lee; Editing by Jacqueline Wong