Tesco has agreed to sell its South Korean retail business to a group led by private equity firm MBK Partners for £4 billion.
In its first major disposal since it hit financial difficulties, Britain’s largest supermarket said it was selling Homeplus to the group which, also included Canada Pension Plan Investment Board, Public Sector Pension Investment Board and Temasek Holdings.
That makes it the largest ever acquisition in South Korea and one of the biggest deals in Asia so far this year.
Tesco is seeking to raise funds to cut debt and focus on its troubled domestic business. Today’s sale will be a boost for Tesco, which is facing its toughest challenge after reporting the biggest loss by a British supermarket group, when it went