Deals
Tesco to Sell Korean Unit to MBK-Led Group for $6.1 Billion
- First major disposal by Tesco's new chief Dave Lewis
- Tesco joins list of global retailers giving up on Korea
Tesco Exits South Korea
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Tesco Plc agreed to sell its South Korean business to a group led by private-equity firm MBK Partners Ltd. for 4 billion pounds ($6.1 billion), the U.K. grocer’s first major disposal as it seeks to ease the strain on its debt-laden balance sheet.
The purchase will reduce borrowings by 4.23 billion pounds, Tesco said in a statement Monday. The group includes the Canada Pension Plan Investment Board, Public Sector Pension Investment Board and Temasek Holdings Pte.