Lotte acquires Ministop's S. Korean operations

Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an entire stake of Ministop Korea Co. for 313.37 billion won ($263 million).

Under the deal, Lotte will take over 2,600 Ministop convenience store outlets across the country and 12 logistics centers to strengthen its retail business, the company said in a statement.

Lotte operates the country's biggest department store chain and the second-biggest large discount store chain in terms of sales.

Ministop is an affiliate of Japanese retailer Aeon Group and opened its first Korea convenience store outlet in South Korea in 1990. (Yonhap)