By Adriano Marchese

Tesco PLC said Tuesday that it has agreed to sell its minority stake in Gain Land to its joint venture partner for 275 million pounds ($355.5 million).

The British grocer said it will sell its 20% share in Gain Land to China Resources Holdings, its JV partner, and that the net cash proceeds will be used for general corporate purposes.

According to Tesco, the disposal will allow the company to further simplify and focus the business on its core operations.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 25, 2020 02:25 ET (07:25 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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