Himart Takes $1.1B Lotte Offer, Sends MBK Partners Packing

Law360, New York (July 06, 2012, 12:36 PM ET) -- South Korean retail giant Lotte Shopping Co. will pay 1.25 trillion won ($1.1 billion) for a controlling stake in electronics retailer Himart Co. Ltd., according to a Friday filing, snubbing private equity firm MBK Partners, Himart's original preferred buyer.

The deal, expected to close in September or October, will hand over a hefty 65.25 percent interest in Himart held mostly by South Korean construction equipment manufacturer Eugene Corp.

Lotte, widely viewed as the investors' choice to lead Himart based on its proven success in the retail...
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