This article was published on May 7, 2026, at 6:49 p.m. on Signal, a capital markets compass.
Harim Group has signed a definitive agreement to acquire Homeplus Express, the super supermarket (SSM) chain operated by Homeplus. The enterprise value (EV) was set at approximately 300 billion won, but factoring in debt in the high 100 billion won range, the effective acquisition price is estimated at around 120 billion won ($88 million).
According to investment banking (IB) industry sources on Wednesday, Homeplus obtained approval from the Seoul Bankruptcy Court and signed a business transfer agreement for Homeplus Express with NS Shopping, a Harim Group affiliate. While the enterprise value was assessed at approximately 300 billion won, NS Shopping will assume debt in the high 100 billion won range as part of the deal, leaving cash proceeds to Homeplus at around 120 billion won, according to sources. The enterprise value of Homeplus Express, which operates 289 stores nationwide, was once cited at 1 trillion won, but the figure was lowered amid a slump in the retail market and the failed sale of Homeplus headquarters.
Harim Group is expected to expand synergies across its food, logistics, and retail businesses by bringing Homeplus Express under its wing through NS Shopping. While Harim has built manufacturing capabilities in the broiler chicken and processed food sectors, it faced limitations in business-to-consumer (B2C) channels that serve as consumer touchpoints, relying on large retail companies. With this acquisition, Harim has secured a powerful channel through which it can directly distribute its manufactured products and obtain consumer data.
The deadline for approval of the rehabilitation plan for Homeplus, which is under court receivership (rehabilitation proceedings), has been extended by approximately two months from May 4 to July 3. While the sale of Homeplus Express secures operating funds exceeding 100 billion won, most of the 100 billion won in debtor-in-possession (DIP) financing—emergency loans for companies under rehabilitation—provided by majority shareholder MBK Partners has already been depleted. The industry views that support from creditors will be necessary for more structural improvements to the company's fundamentals.
