Lotte Acquires Ministop South Korean Operations

Lotte Corp., the holding company of South Korean retail giant Lotte Group, announced it acquired an entire stake of Ministop Korea Co. for 313.37 billion won ($263 million) on Friday.

According to Lotte Corp., Lotte would take over 2,600 Ministop convenience store outlets across the country and 12 logistics centers to strengthen its retail business.

Industry sources said Lotte Corp. operates the country’s biggest department store chain and the second-biggest large discount store chain in terms of sales while Ministop, an affiliate of Japanese retailer Aeon Group, is the fifth-largest convenience store chain in the country.

Earlier reports said Lotte Corp offered the highest bidding price of 300 billion won ($251.5 million), leaving out its crosstown rival Shinsegae Group in the heated race.

Along with Lotte, Shinsegae and a consortium led by local food retailer Nepstone Holdings had placed bids to acquire a 100 percent stake in Ministop Korea.

Ministop Korea has been recently put up for sale after failing to find a new owner back in 2018.

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