© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - Tesco to Sell South Korean Subsidiary Following Expansion into Virtual Market
Posted 25th June 2015

Tesco to Sell South Korean Subsidiary Following Expansion into Virtual Market

Early reports indicate Orion Confectionery, MBK Partners and The Carlyle Group all vying to buy into Tesco’s South Korean venture Homeplus.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Tesco to Sell South Korean Subsidiary Following Expansion into Virtual Market
Image

Early reports indicate Orion Confectionery, MBK Partners and The Carlyle Group all vying to buy into Tesco’s South Korean venture Homeplus.

Tesco PLC, the British based retail giant, is selling shares in their South Korean arm, Homeplus. Early reports from The Korea Economic Daily indicate a flurry of interest, with a variety of firms such as popular snack producers Orion Confectionery, American investment group Goldman Sachs and the Asian private equity firm MBK partners all being mentioned in the negotiations.

Other names offered by the newspaper are The Carlyle Group, a global asset management group, Affinity Equity Partners, CVC Capital Partners and TPG Capital. Tesco is understood to have enlisted HSBC, the British banking firm, to underwrite the sale.

 Homeplus is a popular South Korean supermarket chain currently owned 100% by Tesco PLC which The Korea Economic Daily describes as ‘Korea’s No. 2 discount retailer’. Tesco originally entered the South Korean market in 1999 in conjunction with Samsung.

In February 2012 Tesco PLC announced in a statement that they were expanding Homeplus’s online services by adding to the number of ‘virtual stores’ situated at bus stops across South Korea, designed to allow busy commuters the chance to purchase their shopping on the move using an app on their smartphones. Their flagship ‘virtual store’ which opened in Seoul in 2011 won the prestigious ‘Business Innovation of the Year’ award in 2012 with judges for the award describing the stores as ‘outstanding’.

‘Using the virtual display, people can scan the relevant barcode or QR code with their Homeplus App to order different products and can even organize for home delivery that day. Tesco Homeplus’ Smartphone App, which customers need in order to shop at the virtual store, is now the number 1 shopping App in Korea, with over 900,000 downloads since it launched in April last year.’

 

 

Categories: Finance, Legal, M&A


You Might Also Like
Read Full PostRead - Eye Icon
Fraud Detection and Prevention Biggest Challenge Facing Businesses in EMEA
Legal
12/03/2015Fraud Detection and Prevention Biggest Challenge Facing Businesses in EMEA

Fraud detection and prevention has been cited as one of the biggest fraud challenges faced today.

Read Full PostRead - Eye Icon
Resolving Franchising Disputes in the UK
Finance
29/02/2016Resolving Franchising Disputes in the UK

Franchising is the granting of a license by a franchisor to a franchisee, which entitles the franchisee to operate their own business using the franchisor’s brand, systems, knowhow and business model.

Read Full PostRead - Eye Icon
Accessibility in Artificial Intelligence
Innovation
08/08/2022Accessibility in Artificial Intelligence

Founded by exemplary microcomputer specialist and businessman Mauricio Frizzarin, Qyon has made a name for itself as the ‘Most Innovative AI Software Company’ for 2022 in Brazil.

Read Full PostRead - Eye Icon
Russia’s investment will ensure stable supply of Russian crude through 2021
Finance
02/02/2018Russia’s investment will ensure stable supply of Russian crude through 2021

Russia’s investment will ensure stable supply of Russian crude through 2021

Read Full PostRead - Eye Icon
Alexion’s Acquisition of Synageva
M&A
28/05/2015Alexion’s Acquisition of Synageva

Alexion's Acquisition of Synageva

Read Full PostRead - Eye Icon
Best for Litigation Support Services – France
Finance
20/05/2016Best for Litigation Support Services – France

As the fifth largest auditing and advisory network, BDO’s core business clients are mid-sized companies.

Read Full PostRead - Eye Icon
4 Must-Try Innovative Contact Centre Trends
Innovation
25/04/20224 Must-Try Innovative Contact Centre Trends

Of the industries impacted by the pandemic, contact centres have had no choice but to evolve. As a result many more services are technologically driven, and numerous transactions are done online.

Read Full PostRead - Eye Icon
What Can You Use A Business Administration Degree For?
Leadership
23/12/2020What Can You Use A Business Administration Degree For?

Investing in education is always a wise decision. Many opportunities open up when you become more educated. A business administration degree emphasizes planning, administration, leadership skills, and other aspects involved in running or managing a company.

Read Full PostRead - Eye Icon
Improving Speed And Efficiency In Global Deliveries
News
06/08/2024Improving Speed And Efficiency In Global Deliveries

Are you planning to expand your business internationally? With e-commerce booming and people expecting quick and reliable international shipping, companies are under pressure to keep up. To stay ahead, businesses need to get creative and find new ways to optim



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow