[Edaily Marketin Hur Jieun Reporter] Homeplus is restarting the process to sell its controlling stake by distributing teaser letters to major domestic and international companies. As this is the first attempt to resell the company since its restructuring plan—centered on the sale of major real estate assets—was approved earlier this month, industry attention is focused on whether the distribution of these teaser letters will lead to the securing of actual buyers.

According to investment banking (IB) industry sources on the 16th, Samil Accounting Corporation, the lead advisor for the Homeplus sale, plans to distribute teaser letters (investment prospectuses) to major domestic and international companies as early as this week. A teaser letter is a document prepared during the early stages of an M&A transaction that summarizes the profile and financial statements of the company up for sale. It is used to gauge potential acquirers’ interest and encourage them to submit a letter of intent (LOI). It is reported that multiple candidates, including domestic and international strategic investors (SIs) and financial investors (FIs), are currently reviewing the acquisition.

This sale of controlling interest is proceeding on a separate track from the reorganization plan that was approved and authorized on the 2nd. The reorganization plan outlines a strategy for asset sales to repay debt; specifically, it calls for the priority sale of 19 company-owned stores—out of the 37 stores slated for closure—by February 2028 to repay Meritz Financial Group’s senior secured trust bonds. The plan’s main provision is to settle the remaining debt in two installments—in 2030 and 2037—through secured loans for the 38 company-owned stores that will continue operations. In contrast, this sale of management control is a separate process from the asset sale and debt repayment plan, involving the transfer of the remaining business divisions—including the headquarters, large supermarkets, and online mall—to a third party.

This is not Homeplus’s first attempt at a sale. After filing for corporate reorganization with the Seoul Bankruptcy Court in March of last year, Homeplus sold Homeplus Express—its corporate-type supermarket (SSM) division and a key asset—to NS Home Shopping, an affiliate of the Harim Group, for 120.6 billion won. Since May, it has been pursuing the sale of its remaining business divisions but has been unable to find a serious buyer. Following the approval of its reorganization plan on the 2nd of this month, the distribution of this teaser letter has put the sale process back on track.

Industry observers point out that if a company without a large-scale supermarket business were to acquire Homeplus, it could instantly rise to become the third-largest player in the industry—a key selling point. For foreign companies, the acquisition of Homeplus alone would allow them to secure a nationwide store network and logistics infrastructure in one fell swoop. However, given the previous failure of the sale process and ongoing disagreements over asset valuation, it remains uncertain whether this round will result in the submission of actual letters of intent to acquire the company.