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Published
Sep 7, 2015
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Tesco sells South Korean unit to MBK-led group for $6.1 bln

By
Reuters
Published
Sep 7, 2015

Britain's Tesco has agreed to sell its South Korean unit to a group led by private equity firm MBK Partners for 4 billion pounds ($6.08 billion), it said on Monday, in its first major disposal since it hit financial difficulties.


Tesco said in a statement the sale of Homeplus, its biggest overseas unit, to a group of investors led by MBK and including the Canada Pension Plan Investment Board, Public Sector Pension Investment Board and Temasek Holdings would help to pay down debt.

The world's third largest retailer has been looking to make disposals after a string of profit warnings sparked by problems in its home market led to its credit status being cut to junk.
 

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