KKR & Co said that they are evaluating a bid for ParknShop, the Li Ka-shing owned supermarket chain. KKR is currently talking with banks regarding financing for the potential deal. Billionaire Li Ka-shing 's Hutchison Whampoa Ltd asked potential buyers to submit proposals for the Hong Kong based supermarket chain by Aug 16.
Hutchison Whampoa Ltd's asking price for ParknShop was tagged at US$3 billion to US$4 billion. ParknShop is one of Hong Kong's two main and largest supermarket chains. The KKR acquisition for ParknShop is tagged as KKR's biggest Asian deal. The Hong Kong deal will surpass the 2009 US$1.8 billion acquisition of South Korea's Oriental Brewery Co.
Hutchison Whampoa Ltd said that they are conducting strategic reviews for ParknShop. The supermarket chain owns more than 270 stores with estimated sales of HKD21.7 billion or US$2.8 billion in 2012.
Last month, Hutchison Whampoa Ltd agreed to purchase Telefonica SA's O2 with an estimated price tag of EUR850 million. The acquisition increased Hutchison Whampoa Ltd's market share to 37.5%.
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