Korea Seven’s takeover of Ministop Korea clinches regulator approval

The approval is expected by the regulator to spur three-way competition in the market.

South Korea's antitrust regulator Fair Trade Commission (FTC) has approved a deal by Korea Seven, the operator of 7-Eleven convenience stores, to buy the entire stake of its rival Ministop Korea, Yonhap reported.

The FTC said it has given the green light to the deal as the takeover is not expected to hamper market competition. The approval is expected to spur three-way competition in the market as the takeover will help Korea Seven cement its market status as the third biggest player.

In January, the country's retail giant Lotte inked a deal to acquire a 100% stake in Ministop Korea for $257m (KRW313.3b). Korea Seven, an affiliate of Lotte, eventually bought Ministop Korea.

Korea Seven operates around 11,170 convenience stores across the country.

Ministop, an affiliate of the Japanese retail group Aeon Group, opened its Korean operation in 1990 via a business tie-up with South Korea's leading food maker Daesang. Ministop Korea runs around 2,600 convenience stores.