Lotte Shopping, South Korea’s biggest retail group, has signed a deal to buy a 53.03 per cent controlling stake in Woori Homeshopping, the country’s fourth biggest home-shopping channel. The deal, worth for 467 billion won ($480 million), would allow Lotte to buy 4.24 million shares of Woori at 11,000 won per share.

Lotte said it acquired 30.16 per cent from Kyongbang, the largest shareholder of Woori, and 22.87 per cent from Kyongbang's friendly stockholders. Lotte’s move came after it missed several key deals this year. In April Carrefour Korea chose clothing retailer E.Land Group to purchase all of its 32 stores in Korea. In May, Shinsegae, Korea’s biggest discount store operator, agreed to buy Wal-Mart’s Korean operations.

“We have been interested in the home-shopping business for a decade,” said Lotte Shopping in its filing. The Woori deal is the first acquisition by Lotte since it raised $3.54 billion in January in the world’s biggest retail IPO.