Tesco sells its Asian stores in £8bn deal

UK retail giant Tesco has agreed to sell its operations in Thailand and Malaysia for ($10.6bn) £8bn.

The supermarket chain has 2,000 stores across both countries, under the Tesco Lotus brand, and is selling them to Thai conglomerate CP Group.

Chief executive Dave Lewis said the sale would allow Tesco “to further simplify and focus” its business.

He also said £5bn of the proceeds would be returned to shareholders via a special dividend.

Tesco revealed in December it had received interest for its Asian stores, which employ about 60,000 people, but did not reveal the bidders.