Ropes & Gray Advises CPPIB in Acquisition of 20% Stake in Tesco’s Homeplus
Ropes & Gray advised the Canada Pension Plan Investment Board (“CPPIB”) in its acquisition of an approximately 20 percent stake in Homeplus, Tesco’s South Korean business, for $534 million. CPPIB made this acquisition as part of a consortium led by MBK Partners and Temasek. The total transaction value is approximately $6 billion (KRW 7.2 trillion) and is the largest Asia-Pacific private equity buyout and the largest M&A transaction in Korea to date.
Since 1999, Homeplus has operated as a leading hypermarket operator in South Korea, with 986 retail outlets across the country, and is the country’s leading online grocer with an offline presence.
The cross-office team was led by private equity partner Jaewoo Lee (Seoul) and included private equity associate Oliver Nip (Hong Kong).