Tesco PLC said today it will buy 36 discount stores from South Korean-based competitor E-Land for $1.9 billion.
The $1.9 billion acquisition of the discount stores for its South Korean division is Tesco's biggest single acquisition to date. Tesco is the number two overall retail market share leader in South Korea.
E-Land originally acquired most of the 36 stores from French international retailer Carrefour in 2006. Carrefour is the world's number two retailer in annual sales rankings after U.S.-based Wal-Mart. Tesco is number three in global sales ranking.