Tesco is poised to complete the £8bn sale of its Thai and Malaysian business after buyer CP Retail Development Company rubber-stamped the deal.
Thai authorities approved the acquisition last month and CP Group has confirmed it is “satisfied with the formal notice of approval”.
Tesco said it expects the disposal to be formally completed by December 18.
The deal will trigger a £5bn return to Tesco’s shareholders via a special dividend, while £2.5bn will be ploughed into the grocer’s pension fund.
Britain’s biggest retailer has retreated from a host of overseas markets since former boss Dave Lewis took the helm in September 2014.
Lewis sanctioned the disposals of Tesco’s Homeplus business in South Korea for £4bn back in 2015 and earlier this year struck a deal to offload its operations in Poland for £181m.
The grocer has also sold a tranche of peripheral businesses – such as Dobbies Garden Centres, restaurant business Giraffe and the Harris + Hoole coffee shop chain – in order to increase focus on its core UK grocery operation.
It continues to operate stores in Central Europe across Hungary, the Czech Republic and Slovakia.
Tesco boss Ken Murphy, who succeeded Lewis in October, said: “I would like to thank all our colleagues in Asia for their hard work and dedication to our customers over many years. They have built a very strong business. I’m confident that the agreement with CP Group will ensure that they are well set up for continued success.
“This sale allows us to focus on our businesses across Europe and to continue delivering for customers, make a significant contribution to our pension deficit and return value to shareholders.”
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