Tesco has sold its last remaining Asian activities to CP Group. The company from Thailand pays 10.6 billion dollars (9.3 billion euros) for the 2,000 stores in Thailand and Malaysia. Britain’s biggest supermarket chain now only retains a presence in the United Kingdom, Ireland and Central Europe.
Only Europe remains
Last December, the British chain announced it last year the British supermarket chain already announced that it was considering selling its over 2,000 stores in Thailand and Malaysia. According to Reuters, an agreement has now been reached with CP Group, a conglomerate from Thailand.
Tesco is increasingly focusing on the British market, where competition is fierce. In recent years, the supermarket chain has already withdrawn from France, Japan, Turkey and the United States. Last month, the company sold its 20 % stake in a Chinese joint venture, completing its exit from that Asian country as well. After the deal with CP Group, the retailer will only remain active in the United Kingdom, Ireland and Central Europe (Czechia, Hungary, Poland and Slovakia).
Tesco wants to pay more than half of the acquisition fee (almost six billion euros) to its shareholders via a special dividend.
