Kumho Asiana Group, the parent company of South Korea's No. 2 air carrier, said Tuesday it will buy Kumho Buslines Co., its former intercity bus transportation arm, for 415 billion won (US$375.1 million), as it takes a step closer to restoring itself to the conglomerate it was before its liquidity crisis.

   Kumho Terminal, a subsidiary of Kumho Asiana Group, will take over a 100 percent stake in Kumho Buslines from a private equity firm led by IBK Securities Co. and KStone Co., which currently owns the bus operator, according to the group and the equity firm.

   The stake that Kumho Terminal will acquire includes the bus operator's 48.8 percent stake in Kumho Resort, the group added.

   Kumho Terminal said it has made an initial payment of 50 billion won in cash for the takeover, with the rest to be paid after the authorities approve the acquisition.

   Kumho Asiana Group had expressed its intent to buy back the bus unit, as well as other affiliates, after its chief Park Sam-koo pledged to return the conglomerate to its former size. Three years ago the group sold affiliates in bundles following a liquidity crisis.

   Aside from the takeover at hand, the conglomerate is also juggling the acquisition of a majority stake in Kumho Industrial Co., the construction unit and de facto holding company of Kumho Asiana Group and its major affiliates.

   The builder is a major shareholder of the country's second-largest flagship carrier, Asiana Airlines Inc., with a 30.08-percent stake. The takeover of the construction firm will also guarantee management control over local low-cost carrier Air Busan Co. and three other Kumho affiliates. 

   Kumho Buslines was sold to a private equity firm for about 331 billion won in 2012, and it has been up for sale since last year after its two-year lock-up period ended. (Yonhap)