Tesco sells South Korean unit to MBK-led group for $6.1 billion

September 7, 2015 6:36 AM

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Tesco sells South Korean unit to MBK-led group for $6.1 billion

LONDON Britain's Tesco (TSCO.L) has agreed to sell its South Korean unit to a group led by private equity firm MBK Partners for 4 billion pounds ($6.08 billion), it said on Monday, in its first major disposal since it hit financial difficulties.

Tesco said in a statement the sale of Homeplus, its biggest overseas unit, to a group of investors led by MBK and including the Canada Pension Plan Investment Board, Public Sector Pension Investment Board and Temasek Holdings would help to pay down debt.

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