UK retailer Tesco has announced it will complete the £8 billion sale of its Thai and Malaysian business to CP Retail Development Company. The purchase was approved by Thai authorities last month and CP Group has now confirmed it is satisfied with the formal notice of approval. The deal should be formally completed by December 18th.
Tesco chief executive Ken Murphy said, “I would like to thank all our colleagues in Asia for their hard work and dedication to our customers over many years. They have built a very strong business. I’m confident that the agreement with CP Group will ensure that they are well setup for continued success. This sale allows us to focus on our businesses across Europe and to continue delivering for customers, make a significant contribution to our pension deficit and return value to shareholders.”
Tesco has sold off a series of overseas assets since 2014, including Homeplus in South Korea and the retailer’s Poland operations earlier this year. Tesco continues to operate stores in Central Europe across Hungary, the Czech Republic and Slovakia.