Tesco has announced it has agreed to the sale of an 8.6 per cent stake in southeast Asian online retailer Lazada to Alibaba group for £90.6 million pounds.
According to Reuters.com, the deal will see Tesco retain an 8.3 per cent stake in the business, and that the procedds of the sale will be used for general working capital purposes.
The news comes as part of Tesco’s continued efforts to revive its main grocery business in Britain, which has seen it sell off other non-core units such as its South Korean business last year.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Jenny Whelan. To subscribe to ESM: The European Supermarket Magazine, click here.
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