Cleary Gottlieb Steen & Hamilton, Ropes & Gray and Paul Hastings are representing a consortium led by Asia-based buyout firm MBK Partners on a $6 billion acquisition of Homeplus, the Korean business of British retailer Tesco Plc.
In a deal announced on Monday, MBK Partners, alongside the Canada Pension Plan Investment Board (CPPIB) and Singaporean sovereign investor Temasek Holdings Pte. Ltd., agreed to pay $6 billion for the 1,075-store supermarket chain, Tesco’s largest operations outside the U.K., after defeating a competing consortium led by KKR & Co. This is the largest ever private equity deal out of Korea, according to the Wall Street Journal.
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