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Private equity firms form teams to win Tesco’s South Korean Homeplus business, valued at $6 billion

Buyout firm who are interested in British retailer Tesco’s South Korean Homeplus business have formed three separate teams to bid on what is being touted as Asia’s biggest ever private equity deal valued at $6 billion. KKR re-joined the race to buy the company last month and has now teamed with Asia-based Affinity Equity Partners for the deal. Carlyle has joined hands with Singapore sovereign investor GIC, while Asia-focussed MBK Partners and South Korea’s National Pension Service have come together to bid for the business. TPG and CVC Capital Partners were both previously said to be interested, but do not appear to have made the final bidding shortlist. Homeplus is Tesco’s largest business outside Britain, with annual revenue of $6.3bn in 2014. It has more than 400 stores, 500 franchise stores and over six million customers a week, with an EBITDA of $750m.Tesco hired HSBC to run the sale of the unit earlier this year.


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