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Tesco gets approval to sell business in Poland to Salling
StockMarketWire.com
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Supermarket group Tesco has received approval from the Polish Competition Authority for the sale of its business in Poland to Salling Group.
Tesco said that the sale does not require shareholder approval and is expected to complete before the end of March 2021.
Upon completion, there will be a transition period of up to 18 months, during which time, Tesco stores in Poland will be converted to Netto.
Chief executive Ken Murphy said: 'As part of a combined business with Salling Group, our stores and colleagues will be well set up for continued success, with opportunities for further growth in Poland.
'The sale of Tesco Polska allows us to focus on growing our businesses in the UK, Republic of Ireland, Czech Republic, Hungary and Slovakia.'
Tesco previously announced the deal includes 300 stores together with distribution centres and its Polish head office, for a total enterprise value of PLN900m, equivalent to £181 million.
At 1:17pm: (LON:TSCO) Tesco PLC share price was 0p at 224.7p
Story provided by StockMarketWire.com
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