A consortium led by Seoul-based private equity fund MBK Partners has bought Home plus for 7.2 trillion won.
The deal for the U.K.-based retail giant Tesco Plc’s Korean Unit was valued at $5.98 billion, Yonhap reported.
The purchase is the nation’s largest takeover deal and the largest private equity deal in Asia.
MBK Partners formed a consortium with Korea’s National Pension Fund and sovereign funds from Singapore and Canada to take over the second-biggest retail chain.
Home plus is Tesco’s largest business outside the United Kingdom, with revenue of 7.05 trillion won ($5.9 billion) in 2014.
Established in 2005, MBK Partners has $8.1 billion under management, according to its website.