tesco-buys-a-bigger-presence-in-korea

Tesco buys a bigger presence in Korea

UK retailer Tesco pays $1.86 billion for Homever discount stores.
In its biggest ever takeover, Tesco announced yesterday that it will pay W1.95 trillion $1.86 billion in cash for HomeverÆs 36 discount stores owned by Korean fashion retailer E-Land Group.

Tesco, which also agreed to take responsibility for HomeverÆs debt, did not use a bank advisor, while E-Land was advised by Citi.

The purchase is being made through the UK retail giantÆs South Korean unit, Home Plus, which already operates discount stores in a joint venture with Samsung Group Tesco has a 95% share of the JV and is the second largest discounter in Korea. The deal will help it compete with Shinsegae and Lotte Shopping in AsiaÆs fourth-largest economy, by doubling the number of...
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