CJ Group is seeking to acquire a 40 percent stake in Seoul-based Korea Express Co., Reuters reports. The South Korean conglomerate will pay a total of $1.7 billion for the acquisition.

CJ Cheiljedang and CJ GLS had also secured the right to sell some of Korea Express' outstanding debt to major shareholders Daewoo Engineering & Construction Co. and Asiana Airlines. CJ ALS is an unlisted logistics arm of CJ Group.

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