(MENAFN) In what is listed as Asia's biggest ever private equity deal, Tesco's South Korean business valued at USD6 billion is being sought out by three teams of private equity firms.
US private equity firm KKR & Co joined forces with Asia-based Affinity Equity Partners, while Carlyle Group has joined hands with Singapore's GIC, and the third party included MBK Partners.
Tesco, Britain's biggest supermarket group is battling to recover from an accounting scandal and reverse its market share losses in Britain, and so selling its Korean unit is the toughest move Tesco is making to improve its financials.
Tesco hired HSBC for the sale of the unit, Homeplus, which is Tesco's biggest business outside Britain, with annual income of USD5.9 billion in 2014. It has 500 franchise stores. The final bids for the business are due on August 24.
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