Tesco receives £4.23bn from South Korean business Homeplus sale

Endaba Group

Tesco receives £4.23bn from the sale of its South Korean business Homeplus to consortium led by MBK Partners.

MKB Partners has bought Tesco’s operation alongside Canada Pension Plan Investment Board, the Public Sector Pension Investment Board and Temasek Holdings. It is the largest private equity deal ever in Asia. The net cash proceeds after tax and costs are expected to be around £3.35bn. The deal is anticipated to complete in the fourth quarter of this year.