S.Korea E-Land picks KKR as preferred bidder for hypermarket chain

South Korean retail group E-Land said on Monday it picked KKR & Co LP as preferred bidder for hypermarket chain Kim's Club.

KKR is in talks to acquire the operation rights of Kim's Club's 37 hypermarkets in South Korea as well as facilities such as logistics centres, an E-Land spokesman said without elaborating on the potential price of the deal.

E-Land is seeking between 700 billion-1 trillion won ($598-$854 million) for the rights to the hypermarket chain, wire service Yonhap reported last week citing unnamed investment banking and retail industry sources.

KKR could not be immediately reached.

$1 = 1,171.5000 won