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.