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Canada Pension Plan Investment Board to acquire stake in Homeplus

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Canada Pension Plan Investment Board (CPPIB) is to acquire a stake of approximately 21.5 per cent in Homeplus, Tesco’s South Korean business, for USD534 million.

CPPIB made this acquisition as part of a consortium led by MBK Partners. The total transaction value is approximately USD6 billion.
 
Operating in South Korea since 1999, and with more than 1,000 retail outlets across the country, Homeplus is one of the largest multi-channel retailers in Korea and the number two player in both hypermarkets and supermarkets.
 
“We are pleased to invest alongside our longstanding partner, MBK Partners, in one of the leading retailers in South Korea,” says Pierre Lavallée (pictured), Senior Managing Director & Global Head of Investment Partnerships, CPPIB. “Homeplus is an attractive investment for CPPIB as it provides us with access to one of the largest retail markets in Asia through a well-established business with a strong cash flow profile.”
 
CPPIB has been investing in South Korea since 2008 and it remains a key investment market for CPPIB in Asia.

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