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Tesco to sell stake in online retail Lazada to Alibaba for $129 mln

Reuters - UK Focus

LONDON, April 12 (Reuters) - Tesco (Xetra: 852647 - news) , Britain's biggest supermarket operator, said on Tuesday it has agreed the sale of an 8.6 percent stake in southeast Asian online retailer Lazada to Alibaba Group for $129 million.

Tesco has been focused on reviving its main grocery business in Britain over the last two years and started selling off non-core units including the company's South Korean business last year.

Tesco will retain an 8.3 stake in Lazada after the deal announced on Tuesday completes. It (Other OTC: ITGL - news) said the proceeds of the sale would be used for general working capital purposes. (Reporting by Sarah Young; Editing by Greg Mahlich)