Japanese c-store chain, Ministop, has sold its South Korea business to Lotte Group, which is also the operator of the 7-Eleven in the country.
The acquisition, which is valued at around $263M, will see the ownership of 2,600 Ministop store outlets across the country as well as 12 logistics centres transfer from Japan’s Aeon Group to Lotte Group.
South Korean Lotte Group currently operates 11,750 7-Eleven convenience stores across the country and this new deal is expected to help the retailer ramp up the competition in the market, which is currently dominated by BGF Retail’s CU and GS Group’s GS25.
Furthermore, Ministop also plans to sell its remaining stake in Robinsons Convenience Stores, the operator of around 460 Ministop convenience stores in the Philippines.
The very first Ministop in South Korea was opened in 1990.
