Tesco sells South Korean unit for more than £4bn

GMT 06:55 2015 Monday ,07 September

Arab Today, arab today Tesco sells South Korean unit for more than £4bn

British retail giant Tesco
London - Arab Today

Troubled British retail giant Tesco agreed Monday to sell South Korean unit Homeplus to a consortium led by private equity firm MBK Partners for more than £4.0 bilion (5.5 bilion euros, $6 billion).

Tesco announced the news in a statement as the UK's biggest retailer seeks to overhaul its business after reporting the biggest annual loss in its near 100-year history in February.

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