| Tesco has picked private equity firm MBK Partners as preferred bidder to buy its South Korean unit for as much as $6.6 billion, sources said, as the British supermarket retreats from overseas and focuses on revitalising its domestic business. Its bid is backed by Singapore state investor Temasek Holdings and it is seeking funds from South Korea's National Pension Service (NPS).
The sale of Homeplus, its biggest overseas unit, would be the first large divestment by Tesco boss Dave Lewis. He is seeking to cut debt and lose the firm's "junk" credit rating status after its profits were battered by an accounting scandal and British market share losses to discounters Aldi and Lidl...............................................Full Article: Source
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