Tesco sells Czech and Slovak units
Tesco will sell its Czech and Slovak operations to Ahold Delhaize for 1.7 billion euros. The British retailer plans to return most net cash proceeds to shareholders through buybacks.
Xurve View
Insights:
Xurve View
Tesco PLC will sell its Czech and Slovak units to Koninklijke Ahold Delhaize N for an enterprise value of €1.7 billion ($1.9 billion) on Friday morning. The deal extends the United Kingdom grocer's overseas retreat to focus on its domestic base. Net cash proceeds of €1.2 billion will fund an incremental share buyback for shareholders.
