Tesco PLC announced the sale of its 20% share in Gain Land to a subsidiary of its joint venture partner, China Resources Holdings.
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Gain Land is the Chinese joint venture with CRH that was established in 2014. The disposal will result in net cash proceeds to Tesco of c.£275m ($357m) which will be used for general corporate purposes.
The disposal allows Tesco to further simplify and focus the business on its core operations.
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The transaction will complete on 28 February 2020. There are no conditions to closing or regulatory approvals required.