Tesco receives three separate bids for South Korea unit

25 Aug, 2015 11:20 am

SEOUL/HONG KONG – British retailer Tesco (TSCO.L) has received three separate binding bids for its South Korean unit from a consortium of Affinity Equity Partners and KKR & Co (KKR.N), Carlyle Group LP (CG.O), and MBK Partners, people familiar with the matter said.

The bids have come in at around the 7 trillion won ($5.9 billion) mark, one of the people said, adding that Tesco is likely to pick a preferred bidders as early as this week. Tesco had set Monday as the deadline for final bids.

The people declined to be identified as the sale process is private. Tesco, MBK Partners, KKR and Affinity declined to comment. Carlyle did not offer an immediate comment. -Reuters

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