Tesco to sell off its S Korean unit Homeplus

Seoul

BRITISH retailer Tesco plc has invited at least six firms including KKR & Co and Carlyle Group to bid for its South Korean unit Homeplus, valued at about US$6 billion, sources said.

A sale is seen as Tesco's best bet to cut debt and fund a turnaround plan as it battles to recover from an accounting scandal and reverse market share losses at home to discount chains Aldi and Lidl.