Hi-Mart endorses Eugene's $2.1 billion bid

Eugene beats 10 other bidders to gain control of Korea's largest consumer electronics retailer.

Korean chaebol Eugene has announced that it will buy Hi-Mart, Korea's largest consumer electronics retailer, for W1.95 trillion $2.12 billion from a consortium of investors that include Hong Kong-based Affinity Equity Partners. The latter, together with Temasek Holdings and the Government of Singapore Investment Corp., acquired an 80% equity stake in Hi-Mart in 2005 for W400 billion.

The transaction, according to Eugene, would generate synergies within its logistics arm and Hi-mart.

According to sources, over 10 companies bid for the...

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