KKR chosen as top bidder for E-Land’s Kim’s Club Mart

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KKR chosen as top bidder for E-Land’s Kim’s Club Mart

Published: 28 Mar. 2016, 20:47

Kohlberg Kravis Roberts (KKR), a U.S. private equity firm, was selected as a preferred bidder for the sale of Kim’s Club Mart, a supermarket chain owned by retailer E-Land, the company said Monday. If the sales contract proceeds, KKR will acquire the business rights of Kim’s Club’s 37 branches and all related facilities.

“KKR has been the most aggressive bidder for Kim’s Club, since its past investments have been mostly focused on online and offline retail companies, and the addition of Kim’s Club to its portfolio could bring about a synergy effect,” a spokesman from E-Land said.

E-Land and KKR will go through final inspection of the deal and fix the sales price until they settle a formal agreement in early May. The company expects the sales process to be complete in the first half of this year.

Apart from the deal, the company also announced on Monday that Hyundai Securities will be reviewing the initial public offering of E-land Retail.