Sold: Buy the Way to Lotte Group
Korea’s retail conglomerate Lotte Group, which runs the local version of the 7-Eleven chain, said yesterday that it will purchase Buy the Way, a rival convenience store chain, from the U.S.-based private equity fund Unitas Capital for 274 billion won ($239 million).For more information on the sale see the previous post - Lotte offers ‘reasonable’ price for Buy The Way.
The deal will give Lotte 26 percent of the local convenience store industry with 2,300 7-Eleven and 1,231 Buy the Way branches. Family Mart is the current No.1 player with 33.3 percent of the market. GS25 is second at 28.6 percent.