Tesco’s South Korean business sees 3 bids worthy around £3.74bn

Endaba Group

The supermarket giant’s South Korean Homeplus business, which is its biggest outside of the UK, has attracted interest from MBK Partners, Carlyle Group LP and an association of Affinity Equity Partners and KKR, which all submitted bids around 7 trillion won (£3.74bn) ahead of yesterday’s deadline. Tesco could pick a bidder as early as this week to push through a deal before the Korean won depreciates further against the British pound.

Dave Lewis, Chief Executive for Tesco, is reviewing the grocer’s non-core assets and is eager to strengthen his balance sheet and focus on the supermarket business’ performance, which is at the heart of his strategy.

Tesco has already sold off its entertainment streaming service Blinkbox, Tesco Broadband and a fleet of private jets.