Tesco: sells Poland business to Denmark's Salling
(CercleFinance.com) - British retailer Tesco announced on Thursday an agreement to sell its Polish subsidiary to the Danish Salling Group, based on an enterprise value of 181 million pounds (around 200 million euros).
The transaction involves the sale of its 301 stores in the country, as well as the transfer of its distribution centres and local headquarters.
In a statement, Tesco says that it has encountered a number of difficulties in Poland and now wants to focus on its activities in the Czech Republic, Hungary and Slovakia, where it has stronger positions.
The Tesco share is up over 1% on the London Stock Exchange following this announcement.
Copyright (c) 2020 CercleFinance.com. All rights reserved.