Homeplus Express to Be Acquired by Harim Group as Final Contract Signed

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[The Financial News] NS Shopping, a unit under Harim Group, has signed a final contract to acquire Homeplus Express, the supermarket division of Homeplus.
According to the industry on the 7th, Homeplus signed an asset transfer agreement for Homeplus Express with NS Shopping this afternoon.
The deal is seen as a key turning point in Homeplus' rehabilitation process. The Seoul Bankruptcy Court had originally set a deadline of the 4th for approval of the rehabilitation plan, but extended it to early July. The court said the extension was necessary to improve the plan's feasibility, given that the sale of Homeplus Express is still under way.
Industry observers see the acquisition as part of Harim Group's strategy to expand its food business competitiveness. Harim has strengths in agricultural and livestock distribution as well as ready-to-eat meals, and analysts expect it to create synergies by combining those capabilities with Homeplus Express' existing store network.
An NS Shopping official said, "This agreement could mark an important turning point in strengthening our competitiveness across both online and offline channels, based on the food expertise and distribution capabilities we have built over the years." The official added, "We will carefully review all relevant matters and do our best to ensure the remaining procedures proceed smoothly."
localplace@fnnews.com Kim Hyun-ji Reporter