Tesco to Sell Stake in Gain Land for GBP275 Million
February 25 2020 - 2:40AM
Dow Jones News
By Adriano Marchese
Tesco PLC said Tuesday that it has agreed to sell its minority
stake in Gain Land to its joint venture partner for 275 million
pounds ($355.5 million).
The British grocer said it will sell its 20% share in Gain Land
to China Resources Holdings, its JV partner, and that the net cash
proceeds will be used for general corporate purposes.
According to Tesco, the disposal will allow the company to
further simplify and focus the business on its core operations.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 25, 2020 02:25 ET (07:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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