South Korean retail group E-Land said on Wednesday it signed a binding memorandum of understanding (MOU) to sell hypermarket chain Kim’s Club to U.S. private equity fund KKR & Co LP without disclosing the price of the deal.
E-Land said in a statement that it expects to reach a final sales agreement with KKR in about a month, including how the deal will be structured.
In March, E-Land named KKR as the preferred bidder to operate Kim’s Club’s 37 stores in South Korea, as well as facilities such as logistics centres. The MOU was signed on June 13, E-Land said.
