Tesco completes disposal of Homeplus

22nd Oct 2015 11:07

(ShareCast News) - Supermarket retailer Tesco has completed the disposal of its South Korean unit Homeplus, which was sold for £4.2bn.The 900-store operation was sold in September to a private-equity consortium led by MBK Partners, which beat off rivals KKR and Carlyle Group.At its height, the chain generated annual revenues of around £4bn and was considered to be one of the retailer's few successes abroad.The sale is part of the company's attempts to cut its £22bn debts and fund a turnaround plan, as it recovers from an accounting scandal and market share loss to discount chains such as Aldi and Lidl.At 1115 BST, shares in Tesco, which have been battered this week by grocery industry data that has its falling market share, were up 0.6% at 189.25p.