Freshfields Bruckhaus Deringer has advised Tesco on the proposed sale of its Korean business, Homeplus, to a group of investors led by MBK Partners and including Canada Pension Plan Investment Board, Public Sector Pension Investment Board and Temasek Holdings
The proposed sale was finalised on 7 September following a competitive sale process. The transaction values Homeplus at an enterprise value of more than £4.2bn. Completion is expected in the fourth quarter of calendar 2015, pending shareholder and regulatory approvals.

The Tesco legal team was led by Group General Counsel Adrian Morris and M&A Legal Director Susan Howard.

The Freshfields team was led by corporate partners Alison Smith, Simon Weller and Claire Wills.

Commenting on the transaction, Tesco Group General Counsel Adrian Morris said: 'The Freshfields team did an outstanding job for us, delivering a competitive and challenging transaction in a tight timescale. We really value their commerciality, commitment and teamwork.'

Freshfields Partner Claire Wills commented: ‘We were delighted to be able to support Tesco on this important transaction. Working across a number of time zones, the team did an incredible job advising on the largest sale to private equity in Korea to date.’