Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Tesco    TSCO   GB0008847096

TESCO (TSCO)
Mes dernières consult.
Most popular
Delayed Quote. Delayed  - 10/19 05:35:03 pm
187.35 GBp   +0.11%
04:02p TESCO : Form 8.3 - TESCO
03:35pDJMAJEDIE ASSET M : Form 8.3 - Tesco Plc
03:27p MAJEDIE ASSET M : Form 8.3 - TESCO PLC
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Tesco PLC : Tesco sells Fresh & Easy to Yucaipa

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/10/2013 | 07:42pm CEST

10 September, 2013

Tesco sells Fresh & Easy to Yucaipa

Tesco today announces that following its strategic review in the United States, it has agreed a sale of the substantive part of Fresh & Easy's operating business to YFE Holdings Inc., an affiliate of Yucaipa Companies LLC ("Yucaipa").

As part of an orderly restructuring process, Yucaipa will acquire more than 150 stores as well as Fresh & Easy's Riverside distribution and production facilities. More than 4,000 employees will also transfer to the new business. As part of the deal, Tesco will loan the new business c. £80m, secured against the Riverside Campus facility.

Those stores not included in the transaction will be closed over the coming weeks. The total cash outflow relating to the closure of these stores, other expenses and the loan is expected to be no more than £150m. The sale to Yucaipa, which is subject to the necessary legal and regulatory approvals, is expected to complete within three months. Following the completion of the full sale and disposal process, there will be no ongoing financial exposure for Tesco.

The sale is in line with Tesco's focus on the disciplined allocation of capital to those markets with significant growth potential and the opportunity to deliver strong returns.

Philip Clarke, CEO of Tesco, said:

"The decision we are announcing today represents the best outcome for Tesco shareholders and Fresh & Easy's stakeholders. It offers us an orderly and efficient exit from the US market, while protecting the jobs of more than 4,000 colleagues at Fresh & Easy."

Contacts

Investor Relations: Chris Griffith 01992 644 800

Media: Tom Hoskin 01992 644 645 or Brunswick 0207 404 5959

Notes to editors

  1. Fresh & Easy opened its first stores in November 2007 and has 200 neighbourhood markets in California, Nevada and Arizona. The company employs more than 5,000 people, including 1,300 at its distribution and manufacturing facilities in Riverside.
  2. The Yucaipa Companies LLC is a premier investment firm that has established a record of fostering economic value through the growth and responsible development of companies. Founded in 1986 by Ron Burkle, the firm has completed mergers and acquisitions valued at more than $30 billion. As an investor, Yucaipa works with management to strategically reposition businesses and implement operational improvements, resulting in value creation for investors.
  3. Consideration received will include the issuance of warrants which will be retained and, subject to exercise criteria, could be exchanged for equity to a maximum of 32.5% of YFE Holdings Inc.
  4. The stores, Riverside Campus and other assets subject to the transaction had a gross asset value of £229.3m as at 23 February 2013 and generated net losses before tax of £(163.4)m during the financial year ended 23 February 2013.

For more information please contact the Tesco Press Office on
01992 644645
We are a team of over 530,000 people in 12 markets dedicated to bringing the best value, choice and service to our millions of customers each week. Our core purpose is 'we make what matters better, together'.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on TESCO
04:02p TESCO : Form 8.3 - TESCO
03:35pDJMAJEDIE ASSET MANAGEMENT LTD MAJEDIE : Form 8.3 - Tesco Plc
03:27p MAJEDIE ASSET MANAGEMENT LTD : Form 8.3 - TESCO PLC
12:54pDJDIMENSIONAL FUND ADVISORS LTD. DIMEN : Form 8.3 - Tesco Plc - Ordinary Shares
12:08pDJINVESCO UK LTD INVESCO LTD. : Form 8.3 - Tesco Plc.
09:30aDJINVESTEC BANK PLC INVESTEC BANK PLC : Form 8.5 (EPT/RI) - Tesco Plc
10/18 TESCO : Form 8.5 (EPT/RI) - Tesco Plc Amendment
10/18DJDAVIDSON KEMPNER CAPITAL MANAGEMENT : Form 8.3 - Tesco Plc
10/18 TESCO : Form 8.5 - TESCO PLC - Amendment
10/18 TESCO : Form 8.3 -
More news
News from SeekingAlpha
10/09 +22.19% IN SEPTEMBER : As Winter, The Recovery Is Coming
10/09 Three sleeper retail picks called out
10/04 Tesco's (TSCDF) CEO Dave Lewis on Q2 2018 Results - Earnings Call Transcript
10/04 Tesco PLC ADR 2017 Q2 - Results - Earnings Call Slides
10/04 Tesco reports 1H results
Financials ( GBP)
Sales 2018 57 338 M
EBIT 2018 1 532 M
Net income 2018 760 M
Debt 2018 3 149 M
Yield 2018 1,70%
P/E ratio 2018 18,81
P/E ratio 2019 15,66
EV / Sales 2018 0,32x
EV / Sales 2019 0,30x
Capitalization 15 327 M
Chart TESCO
Duration : Period :
Tesco Technical Analysis Chart | TSCO | GB0008847096 | 4-Traders
Technical analysis trends TESCO
Short TermMid-TermLong Term
TrendsNeutralBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 2,02  GBP
Spread / Average Target 7,8%
EPS Revisions
Managers
NameTitle
David Lewis Group Chief Executive Officer & Director
John Murray Allan Non-Executive Chairman
Alan J. H. Stewart Chief Financial Officer & Executive Director
Edmond Mesrobian Chief Technology Officer
Deanna Watson Oppenheimer Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
TESCO-9.52%20 250
SEVEN & I HOLDINGS CO., LTD.5.12%36 553
SYSCO CORPORATION-0.90%28 684
WOOLWORTHS LIMITED5.68%26 156
AHOLD DELHAIZE-19.32%24 426
LOBLAW COMPANIES LTD-3.61%21 672