UPDATE 1-S.Korea Eugene to buy retailer Hi-mart for $2.1 bln

(Adds details, background, share price)

SEOUL, Dec 10 (Reuters) - South Korean construction group Eugene said on Monday it was buying electronics and appliance retailer Hi-mart for 1.95 trillion won ($2.12 billion) from a consortium including Hong Kong-based Affinity Equity Partners.

Shares in Eugene Corp (023410.KQ: Quote, Profile, Research, Stock Buzz), the group's construction materials arm that is carrying out the deal, surged after the news, rising over 13 percent to 12,900 won at 0127 GMT, far outpacing the junior Kosdaq market's 0.16 percent drop.

A group led by Affinity acquired about 80 percent of Hi-mart in 2005 for about 700 billion won ($690 million), including debt.

Eugene said in a statement that it was planning to form a consortium with financial investors in order to buy Hi-mart, but did not provide further details.

The group, which this year acquired parcel delivery service Logen, said it was aiming to generate synergy within the group's logistics arm and Hi-mart, which has more than 250 stores and is the country's top appliance retailer.

It is also planning to establish large electronics and appliance shopping malls and to expand urban retail facilities.

Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) was managing the deal.

($1=918.7 Won)

(Reporting by Cheon Jong-woo and Marie-France Han; Editing by Sei Chong)