Tesco sells South Korean unit for more than 4b pounds

[LONDON] Troubled British retail giant Tesco agreed on Monday to sell South Korean unit Homeplus to a consortium led by private equity firm MBK Partners for more than £4.0 bilion (S$8.6 billion).

Tesco announced the news in a statement as the UK's biggest retailer seeks to overhaul its business after reporting the biggest annual loss in its near 100-year history in February.

AFP