Tesco: sells China JV stake for 275 million pounds

(CercleFinance.com) - British supermarket group Tesco said on Tuesday that it has agreed to sell its 20% stake in its Chinese joint venture Gain Land, which was incorporated in 2014, to its local partner China Resources Holdings (CRH).


The disposal will result in net cash proceeds of about 275 million pounds (around 330 million euros) for Tesco, the retailer said, a sum that will be used for general corporate purposes.

The deal will also enable Tesco to further simplify and focus the business on its core operations, it added.

The deal is set to be completed on 28 February.

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