South Korea’s leading financial services company Mirae Asset Global Investments Co. will take over Seoul Airport Limousine Corp., the country’s second-largest airport limousine bus operator, at 40 billion won ($36.8 million).

According to multiple sources from the investment bank industry on Tuesday, Mirae Asset Private Equity (Mirae Asset PE) under Mirae Asset Global Investment will invest 40 billion won to acquire an 80 percent stake plus management right in Seoul Airport Limousine. Mirae Asset PE aims to complete the acquisition process by the end of this year after establishing a special purpose company for the stake takeover and signing a stock purchase agreement with Seoul Airport Limousine.

Mirae Asset PE has decided to acquire the limousine bus operator after the local airport limousine service business has seen the rapid growth in recent years on the back of a surging number of travelers flying out of the country and from broad.

Seoul Airport Limousine, which is the second largest airport limousine operator in Korea in terms of sales and number of routs, reported 8.4 billion won in net income last year, doubling from a year ago on sales of 29.8 billion won, which also jumped 16 percent over the same period.

In Seoul, Seoul Airport Limousine is tightly competing with Airport Limousine, City Airport Limousine, and KAL Limousine.

By Park Eun-jin and Lee Eun-joo

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