Homeplus Express to Be Acquired by Harim...Final Contract Expected on the 30th

Harim Group is expected to finalize acquisition negotiations with Homeplus for both Homeplus and the corporate supermarket chain Homeplus Express and, as early as this month, sign a stock purchase agreement (SPA).

According to the investment banking (IB) industry on April 29, Homeplus and its sales manager Samil PwC are in talks with Harim Group, the preferred bidder, aiming to sign the SPA as early as April 30. The entity leading the acquisition is NS Shopping, a subsidiary of Harim Group.

The deadline set by the Seoul Bankruptcy Court for extending the Homeplus rehabilitation plan is until May 4. However, considering the early May holiday, the court is expected to make a decision on April 30. If the court approves, it is reported that Homeplus and Harim plan to sign the agreement immediately on that day.

The sale price is estimated to be in the low 200 billion won range, about two-thirds of the originally reported 300 billion won. Given that Harim Group and NS Shopping each have cash assets of approximately 1 trillion won and 137 billion won, respectively, the acquisition funds are expected to be secured without issue.

The court is expected to closely monitor whether Homeplus can secure liquidity as a requirement for approving the final rehabilitation plan. The initial plan reportedly included a condition that the seller would secure a total of 300 billion won in emergency debtor-in-possession (DIP) financing. Of this, 100 billion won was covered by MBK Partners, the largest shareholder, while the remaining 200 billion won depends on support from Meritz Financial Group, the largest creditor. Meritz Financial Group has not yet taken an official position and is reportedly weighing public opinion and various interests both inside and outside the company.

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