Thai Conglomerate, CP Group buys Tesco’s Asian assets for US$10.6bn

ASIA – Tesco has accepted a US$10.6 billion bid for its Asian businesses from a consortium of companies controlled by Thai billionaire Dhanin Chearavanont. The deal, which remains subject to regulatory approval and Tesco Group shareholder approval, will be completed in the second half of this year, according to RLI. The price represents an earnings multiple of 12.5 times and marks a significant premium on analysts’ estimates of the business being worth about $9 billion.  The CP Group entities which will buy the assets – Tesco Lotus in Thailand and…

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