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

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

The consortium of sellers includes Eugene Corporation, the company’s former chairman Sun Jong-koo, H&Q Private Equity Fund II and NH Halloween PEF

A source close to the deal said that each party negotiated a different price That would make sense, given the varying prices they paid to buy the company

Construction materials manufacturer Eugene Corp bought Hi-Mart from Affinity Equity Partners...

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