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Harim Group Headquarters in Gangnam, Seoul (Photo: Harim) |
[Alpha Biz= Kim Jisun] Harim Group has been selected as the preferred bidder for the acquisition of Homeplus Express. The seller aims to sign a share purchase agreement (SPA) as early as next week and complete the transaction swiftly. If the sale proceeds smoothly, it is expected to provide a positive signal for the ongoing rehabilitation of Homeplus, which is currently at a critical juncture. NS Shopping, an affiliate of Harim Group, is anticipated to lead the acquisition effort, seeking to maximize synergies across food, logistics, and retail operations.
According to the investment banking (IB) industry on April 21, Samil PwC, the sale advisor, conducted the final bidding process for Homeplus Express on the same day, with participation from Harim Group and others. Following the bid, Samil reported the results to the rehabilitation court and selected Harim Group as the preferred bidder.
Harim Group submitted a revised “markup” agreement during the final bid, including its proposed purchase price and detailed terms. After closely reviewing the submitted conditions, the seller is expected to move directly to the contract signing stage without prolonged negotiations. An IB industry source noted, “The goal is to finalize the agreement by next week at the latest, assuming minor adjustments are completed.”
The urgency surrounding the transaction reflects Homeplus’ limited timeframe. The court-set deadline for approval of the rehabilitation plan is May 4. Previously, most of the KRW 100 billion in DIP (debtor-in-possession) financing secured from major shareholder MBK Partners has already been exhausted, making timely inflow of the sale proceeds critical for sustaining operations until the rehabilitation plan is implemented. With Harim Group—equipped with strong financial capacity and distribution capabilities—participating in the final bid, Homeplus has secured a potential lifeline for its recovery.
However, uncertainties remain before final court approval of the rehabilitation plan. Some stakeholders argue that MBK Partners should step down from its role as custodian and appoint a new administrator, such as United Asset Management Company (UAMCO). Additionally, securing consent from creditors, who hold the key to approving the rehabilitation plan, is expected to be a challenging process.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
