Tesco said today that it will exit Japan after agreeing to sell its interests in the country to Japanese retail group Aeon.
The supermarket chain said it would be a two-stage process. In the first phase Tesco is to sell 50% of its shares in Tesco Japan to Aeon for a nominal sum.
This will result in the formation of a joint venture with Aeon. As part of this, Tesco will invest a further £40m as a joint venture partner to finance further restructuring, after which Tesco will have no further financial exposure to the Japanese business or its operations.
Tesco chief executive Philip Clarke said: “I thank our colleagues in Japan, who have done an excellent job for the business, in particular over recent months.
“We are very pleased to announce this deal with Aeon today, and are confident that this will deliver the best outcome for our staff, for our customers in Japan and for our shareholders.”
nick.whitten@estatesgazette.com
