| Temasek Holdings has teamed up with South Korean private equity firm MBK Partners to bid for the South Korean arm of British supermarket operator Tesco, two people familiar with the deal said. Asia-focused MBK has already entered the race for the business, valued at about US$6 billion (S$8.4 billion). It is vying against United States private equity giant Carlyle Group and a rival consortium comprising Affinity Equity Partners and KKR.
The sources said Temasek’s entry marks a rare instance where the Singapore investment giant is bidding against Singapore sovereign wealth fund GIC, which has partnered Carlyle. Temasek’s latest interest in the consumer sector comes more than a year after it bought almost a quarter of health and beauty products retailer AS Watson, backed by Hong Kong tycoon Li Ka-shing, for about US$5.7 billion in its single biggest investment...............................................Full Article: Source
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