Eugene Group has taken over Hi-mart, a major domestic distributor of electronics goods. Eugene Group disclosed Monday that it has made a contract with Korea CE Holdings (Netherlands) B.V. — an investment firm established in the Netherlands by the consortium of several global financial companies including Affinity Equity Partners — in Hong Kong on December 9 to acquire Hi-mart for 1.95 trillion won. The M&A contract between the two parties will be finalized upon approval of the Korea Fair Trade Commission on the deal. Eugene Group revealed: “Acquisition of Hi-mart will be a momentum for us to upgrade our brand image.” Hi-mart currently capitalized at 13.6 billion won runs 250 chain stores across the country with recorded revenue of 2.1580 trillion won and net income of 87 billion won. Eugene Group mainly driven by two pillars — Eugene Remicon and Eugene Corporation — thus now branches out into the distribution industry with the latest acquisition while the group has successively acquired financial and logistics companies this year: Logen Co. in February; Seoul Securities Co, in March; Korea Logis Co. and Korea G.W. Logistics Co. in August.