Tesco sells stake in Lazada
Tesco has revealed that it has entered into an agreement to sell a partial stake in Lazada, the Southeast Asian e-commerce gateway, to Alibaba.
The supermarket is offloading an 8.6% stake in the business for $129 million.
Tesco first invested in Lazada in November 2013 and since then has invested a total of £124 million.
The deal will reduce Tesco’s holding in Lazada to 8.3%.
Following the transaction, Alibaba will become Lazada's controlling shareholder.
Tesco said it will use its proceeds from the sale for general working capital purposes.
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