India, July 31 -- J Sainsbury plc (SBRY.L), one of the UK's largest supermarket chains, said on Friday it has agreed to sell its general merchandise business Argos to Swift Whistle Midco Limited, a newly established company backed by retail executives and specialist retail investors, in a deal expected to generate at least £120 million in cash.
Sainsbury's said the disposal supports its strategy of focusing on its core grocery business, following earlier sales of its banking business, ATM operations and the Argos Financial Services cards portfolio. The company expects the transaction to create a simpler, more focused business with higher margins, stronger growth prospects and improved free cash flow generation.
Swift will acquire Arg...