Press Release

Kirkland Advises Hyundai Motor Group on Acquisition of Majority Interest in Motional, its Autonomous Driving Joint Venture with Aptiv

Kirkland & Ellis advised Hyundai Motor Group (HMG), the world’s third largest automaker, on its agreement with Aptiv PLC (NYSE: APTV), a global technology company, to acquire a majority interest in Motional, the companies’ Boston-headquartered, $4 billion autonomous driving joint venture. As part of the transaction, Hyundai Motor Company (KRX: 005380), Kia Corporation (KRX: 000270) and Hyundai Mobis (KRX: 012330) will collectively invest an aggregate of $475 million in exchange for newly issued Motional common equity interests and will acquire an additional 11% of Motional’s common equity interests from Aptiv for $448 million. In addition, Aptiv will exchange an additional approximately 21% of Motional’s common equity interests for Motional preferred equity. At closing, HMG and Aptiv will hold approximately 85% and 15% of Motional’s common equity, respectively. The transaction is expected to close by the end of Q3 2024, subject to customary regulatory approvals and closing conditions.

The Kirkland team, working closely together with leading Korean law firm Kim & Chang, was led by corporate partners Edward Lee and Rachael G. Coffey and associate Alex Adamis, with support from corporate partner Jimin He.