KG Steel, part of Korea's KG Group, disclosed on 1 April that it had agreed to buy a 72.19% controlling stake in used-car retailer K Car from private equity firm Hahn & Co for ₩550bn, part of a ₩750bn package that also includes the K Car Capital finance arm.
Why KG Steel Co., Ltd. (KG Group) is buying K Car Co., Ltd. and K Car Capital
KG Steel said the purchase would diversify its business portfolio and secure future growth engines. KG Group called it a strategic turning point towards a mobility ecosystem linking vehicle manufacturing at KG Mobility, used-car distribution at K Car and car finance and payments within the group.
Deal terms and financing
The DART filing shows 35,245,670 shares bought in cash, with a deposit paid on signing and the balance due once conditions were met. Hahn & Co said the transaction valued K Car at ₩980bn and K Car Capital at ₩200bn. The deal was a co-investment with Cactus Private Equity, to which KG Steel transferred the buyer's position for 19.69% of K Car on 21 April.
Regulatory approvals and timing
The transaction required merger filing with the Korea Fair Trade Commission. KG Steel completed the purchase of 25,632,810 shares, or 52.5%, for ₩394.6bn on 31 August 2026, according to Bizhankook.
Market context
Hahn & Co bought SK Encar's offline used-car business in 2018 for ₩220bn, rebranded it K Car and listed it on the Kospi in 2021. K Car's revenue reached ₩2.44tn in 2025, with EBITDA of ₩125bn.
