June 18, 2020, 2:26 a.m. EDT

Tesco to sell Polish Business to Salling Group A/S

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By Sabela Ojea

Tesco PLC said Thursday that it has agreed to sell its business in Poland to the Danish retailer Salling Group A/S. for net proceeds of around 165 million pounds ($207.1 million).

The U.K.'s largest grocer by market share said that it continues to see market challenges in Poland and that it is making progress in realizing value for the remaining assets that it has in the country--which include 19 currently trading stores. Tesco said it wants to focus on the markets it has in Czech Republic, Hungary and Slovakia, where there are good growth prospects.

The London-listed country's transaction includes the sale of 301 stores with its associated distribution centers and head office for a total enterprise value of GBP181 million, it added.

The money of the transaction, which will be paid in cash, will be used for general corporate purposes.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

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