Lotte Group acquires Korea Ministop, the fifth largest convenience store industry.
Lotte Holdings announced on the 21st that it had signed a stock sale contract to acquire 100% of the stake in Ministop Korea.
The acquisition price is 31.367 billion won.
The company said, “In the distribution market where competition for quick commerce (small amount of daily necessities delivered within an hour) is getting fiercer for short-distance commercial areas, the company has secured 2,600 stores and 12 distribution centers of Ministop to expand the point of contact with customers within a short period of time. I was able to do it,” he said.
Ministop is focusing on stores larger than 100 square meters (30 pyeong), which is twice the size of the industry average store (60 square meters, 18 pyeong).
E-Mart 24, a subsidiary of E-Mart (139480), which is known to have participated in the main bid held last month, and a consortium of Nepston Holdings, a food material distribution company, and Anchor Equity Partners (Anchor PE), a private equity fund, are suffering.
While they offered 200 billion won as an appropriate sale price, Lotte Group offered more than 300 billion won, winning high marks in terms of price.
With regard to the acquisition, Lotte said, “We will strengthen our online business capabilities by actively utilizing convenience stores, which have become a lifestyle platform for customers, in our on-offline convergence strategy.” Lotte is already transforming offline stores such as department stores, large marts, supermarkets and convenience stores nationwide into logistics hubs. A ‘Smart Pick’ service, which allows you to pick up products ordered from online shopping malls such as Lotte On, etc., is also being operated.
