Slaughter and May is advising Public Sector Pension Investment Board - proposed investment in Homeplus, Tesco’s retail business in the Republic of Korea

Slaughter and May is supporting the legal team at Public Sector Pension Investment Board (PSPIB), the Canadian-based pension investment manager, on PSPIB’s investment, as part of a consortium alongside MBK Partners and others, with respect to the sale of Tesco’s retail business in the Republic of Korea, which is comprised of Homeplus Co., Ltd and Homeplus Tesco Co., Ltd and their respective subsidiaries.

The consideration payable to Tesco represents an enterprise value of £4.24 billion on a cash and debt free basis.

The disposal constitutes a Class 1 transaction for Tesco under the UK Listing Rules and completion is therefore conditional on, inter alia, the approval of Tesco shareholders at a general meeting of the Company.