Tesco sells stake in Lazada

Tesco has revealed that it has entered into an agreement to sell a partial stake in Lazada, the Southeast Asian e-commerce gateway, to Alibaba.

The supermarket is offloading an 8.6% stake in the business for $129 million.

Tesco first invested in Lazada in November 2013 and since then has invested a total of £124 million.

The deal will reduce Tesco’s holding in Lazada to 8.3%.

Following the transaction, Alibaba will become Lazada’s controlling shareholder.

Tesco said it will use its proceeds from the sale for general working capital purposes.

RELATED ARTICLES