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Korea M&A Corporation
Eugene Group buys Himart for Won1,950bn 본문
South Korea's Eugene Group on Monday said it would pay Won1,950bn ($2,111bn) to take over Himart, the country's largest electronics retailer, after beating rival bidders including CCMP, TPG and MBK Partners.
The deal means that the sellers - a consortium led by Affinity Equity Partners - will more than double the amount they invested in April 2005.
Eugene Group, a conglomerate with logistics, finance and construction units, on Monday said its flagship Eugene Corp (A023410.KQ - news) building affiliate would buy all of Himart. The move will allow the group to expand into retailing.
"The acquisition will act as an opportunity to raise brand awareness and management ability of Eugene Group ... We will actively support Himart's growth," the group said.
Eugene said it was not the highest bidder - apparently rival group GS offered Won2,000bn - but attributed its success to the prospects for stable management and secure employment.
The group earlier this year bought Logen, a parcel delivery service, and said it planned to create synergies between Euguene's logistics units and Himart, which has more than 250 outlets. Last year the retailer reported revenues of Won2,160bn and net profits of Won87bn.
Hong Kong-based Affinity led a consortium that included Singapore's Temasek Holdings and the Government of Singapore Investment Corporation to buy 80 per cent of Himart for Won788bn two-and-a-half years ago. Goldman Sachs (NYSE: GS - news) was advising on the sale.
Other private equity firms, including CCMP Capital Asia, TPG and Korea's MBK Partners were also understood to have bid for Himart, while Blackstone (NYSE: BX - news) and Carlyle also looked at the target at an early stage.
Local retail groups Lotte, Shinsegae (004170.KS - news) , and Prime, which operates rival electronics outlet Techno-Mart, were also reportedly interested.
Korea's retailing sector has been undergoing dramatic consolidation. Last year France's Carrefour (Paris: FR0000120172 - news) sold its 32 South Korean stores to domestic player E.Land, while Wal-Mart sold its local unit to Shinsegae, the owner of E-Mart, Korea's largest supermarket chain.
Tesco (LSE: TSCO.L - news) of the UK is now the only overseas supermarket chain with a presence in Korea.
The Himart acquisition is subject to Fair Trade Commission approval.