Tesco agrees £4.2bn deal to offload South Korean operation Homeplus

Tesco has agreed to sell its South Korean business Homeplus in a £4.2 billion deal in the latest phase of the supermarket group’s turnaround plan.

The business, which operates more than 1,000 stores, has been snapped up by a consortium of investors led by Korean private equity firm MBK Partners and including Canadian pension funds and Singapore sovereign wealth fund Temasek.