KKR, Carlyle among firms invited to bid for Tesco S.Korea unit -sources

Hyundai Department Store Co

09/06/2015 04:09

HONG KONG, June 9 (Reuters) - British retailer Tesco Plc 
 TSCO.L  has invited about six firms including KKR & Co  KKR.N  
and Carlyle Group  CG.O  to bid for its South Korean unit, 
valued at about $6 billion, people familiar with the matter told 
Reuters. 
    Tesco and its advisor HSBC  HSBA.L  sent out an information 
package with the unit's financial details last week, asking the 
firms to submit indicative bids later this month, the people 
added. 
    CVC Capital Partners, Affinity Equity Partners and MBK 
Partners were also invited to bid, they said, declining to be 
identified as the sale process has not been formally made 
public. 
    A spokesman for Tesco's South Korean unit said the company 
does not comment on rumours. KKR, Carlyle and MBK declined to 
comment, while CVC and Affinity did not respond to Reuters 
requests for comment. 
    Tesco hired HSBC to explore a sale of its South Korean 
operations, sources told Reuters last week.  ID:nL3N0YQ344  
    Earlier on Tuesday, Hyundai Department Store Co Ltd 
 069960.KS  said it is considering a bid for the unit. 
 
 (Reporting by Denny Thomas; Additional reporting by Elzio 
Barreto and Joyce Lee; Editing by Edwina Gibbs) 
 ((denny.thomas@thomsonreuters.com; +852 2843 6358; Reuters 
Messaging: denny.thomas.thomsonreuters.com@reuters.net)) 
 
Keywords: TESCO SOUTHKOREA/M&A BIDDERS