Tesco has expanded its presence in Asia with a deal to buy South Korean retailer Homever for GBP958m (US$1.9bn).
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The UK retailer has acquired the 36-store chain from local conglomerate E-Land Group and said most of the stores would convert to its Homeplus format over the next year.
Tesco’s South Korean business, Samsung Tesco, has 66 Homeplus hypermarkets and 72 Homeplus Express stores throughout the country.
Chief executive Sir Terry Leahy said the business was now Tesco’s “leading international operation”.
He added: “This acquisition of high quality assets is an important strategic move, which will allow us to accelerate our growth in this key market and deliver a much stronger offer for customers as we convert the stores to Homeplus.”
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By GlobalDataTwenty of the Homever stores are hypermarkets in the Greater Seoul and Gyeonggi metropolitan area, Tesco said.
