12th Apr 2016 06:09
LONDON (Alliance News) - Grocer Tesco PLC on Tuesday said it has agreed to sell a stake in e-commerce business Lazada Group SA to China's Alibaba Group Holding Ltd for USD129.0 million in cash.
Tesco first invested in Lazada in November 2013 and had held a 19.6% stake in the business prior to the sale to Alibaba. Its remaining stake in Lazada will be 8.3%.
Lazada is an e-commerce platform for local and international sellers and brands in South East Asia. Following the deal, Alibaba will be its controlling shareholder.
Tesco intends to use the proceeds from the sale for general working capital purposes.
By Sam Unsted; [email protected]; @SamUAtAlliance
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