How Lotte Shopping snagged Hi-Mart

MBK was the preferred bidder, but after the stock price dipped and talks dragged on, Lotte Shopping swooped in as the strategic acquirer of Hi-Mart, Korea's largest electronics retailer.

<div style="text-align: left;"> Hi-Mart sellers wanted to go with a private equity firm rather than "penny-pinching” Lotte </div>

Lara Wozniak

July 10, 2012

After a series of dramatic twists and turns that could rival a daytime soap opera, South Korea’s Lotte Shopping is set to buy a 65.25% controlling stake in local electronics discount retailer Hi-Mart for W1.25 trillion ($1.1 billion), edging out private-equity fund MBK Partners, which apparently walked away from the table.

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