Supermarket giant Tesco makes £1bn investment in South Korea

May 14 2008 by Tony McDonough, icNorthWest

Grocery giant Tesco is unveiling its biggest ever deal today after agreeing to spend nearly £1bn on beefing up its hypermarket presence in South Korea.

The retailer has bought 36 Homever hypermarkets in the country for £958m, extending the number of outlets in the country by a quarter.

It will see Tesco, which operates in South Korea as Samsung Tesco, rebrand most of the stores to its Homeplus format over the next 12 months.