April 12, 2016 / 6:29 AM / 3 years ago

Tesco to sell stake in online retail Lazada to Alibaba for 90.6 million pounds

File photo of a Tesco supermarket seen at dusk in an 'art deco' style building at Perivale in west London, Britain, January 6, 2015. REUTERS/Toby Melville/Files

LONDON (Reuters) - Tesco, Britain’s biggest supermarket operator, said on Tuesday it has agreed the sale of an 8.6 percent stake in southeast Asian online retailer Lazada to Alibaba Group for 90.6 million pounds ($129 million).

Tesco has been focused on reviving its main grocery business in Britain over the last two years and started selling off non-core units including the company’s South Korean business last year.

Tesco will retain an 8.3 stake in Lazada after the deal announced on Tuesday completes. It said the proceeds of the sale would be used for general working capital purposes.

Reporting by Sarah Young; Editing by Greg Mahlich

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