Shinsegae is acquiring Wal-Mart Korea

Shinsegae is acquiring Wal-Mart Korea for 825 billion won ($882 million) in a move which should benefit both companies. Investors agree that it’s good for Shinsegae, up 6.6 percent to close at 460,000 won ($484).

Shinsegae will significantly strengthen it’s E-mart brand while Wal-Mart gets a good price for a business that was seeing sluggish growth and sales last year in South Korea that totaled 750 billion won ($787 million).

I’d like to know how much of that $787 million was profit, but have been unable to find that information. With the limited information I have, I see this as a plus for Wal-Mart stock. Also, the deal still needs to be approved by the Korean overnment.

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