Tesco withdraws from South Korea

The Tesco will sell its South Korean business network. The UK's largest retailer announced its decision on Monday on the London Stock Exchange.

Tesco has agreed to sell its South Korean unit to a group led by private equity firm MBK Partners for 6.1 billion USD, it said on Monday, in its first major disposal since it hit financial difficulties.

Tesco said under the terms of the deal it would receive 4 billion pounds (6.07 billion USD) in cash. After adjustments for tax and transaction costs, the net cash proceeds will be around 3.35 billion pounds. (MTI, Kertész Róbert)