Private equity firm MBK Partners is set to sell the supermarket business unit of Homeplus Co., a discount store chain in South Korea, according to financial sources on Monday.

MBK Partners, which owns 100 percent of Homeplus, has put Homeplus Express up for sale, appointing Morgan Stanley to manage the transaction.

Morgan Stanley is expected to reach out to some 10 major domestic and international retail companies and e-commerce platforms, the sources added.

Homeplus Express, which operates 413 stores across South Korea, including 235 in Seoul and the surrounding capital area, reported sales of 1.2 trillion won (US$870 million) last year.

The company’s quick commerce delivery service has seen rapid growth, averaging an 84 percent annual increase over the past two years.

Industry insiders said the sale of Homeplus Express will draw significant interest, as it is rare for a solid retail business to come to market.

Source: Yonhap News Agency