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UK retailer Tesco’s South Korean unit Homeplus Co Ltd. up for sale; PE firms queuing up for the $6 billion deal

Orion Corp the snack maker has submitted a preliminary bid for British retailer Tesco’s South Korean unit Homeplus Co Ltd. Orion joins the competition with several other private equity firms in what is being termed as a $6 billion deal. Among others who are vying for Homeplus are Affinity Equity Partners, Carlyle Group, CVC Capital Partners, Goldman Sachs' private equity arm, MBK Partners and TPG who have made first-round bids. According to market analysts the sale of Tesco’s largest business outside Britain will help the retailer cut its debt to fund a turnaround plan at home.

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