Cuatrecasas has advised SKBergé on acquiring assets related to the Hyundai car distribution business in Colombia, via a joint venture. With this transaction, the Spanish-Chilean group assumes the contractual position regarding the employees of former distributor, Neohyundai of the Ecuadorian Eljuri Group, which entered the joint venture with a 25% participation.
SKBergé becomes the brand’s new distributor—Hyundai Colombia—in that country, contributing to the Korean manufacturer’s strategy of a continued strengthening of the brand in a region where it has worked for almost 30 years. It acquires the inventory and several fixed assets, taking the baton in the country as it is committed to the growth and development of new-generation vehicles.
With the closure of this transaction, SKBergé adds the Hyundai brand to its current portfolio, which includes other brands such as Volvo, Jeep, Dodge and Ram. The transaction also doubles the group’s operations and substantially increases its workforce.