SEOUL (Reuters) - Tesco’s (TSCO.L) South Korean unit will buy 35 discount stores from smaller local rival E-Land Ltd for 1.13 billion pounds, Yonhap News reported on Wednesday.
E-Land, a South Korean retailer, bought most of the outlets from France’s Carrefour (CARR.PA) in 2006 for 951 million pounds.
Tesco is the world’s third-largest food retailer.
The two sides are expected to sign a deal on Wednesday, Yonahp said, citing company and industry sources.
Reporting by Rhee So-eui; editing by Jonathan Hopfner