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Tesco to buy Budgens and Londis owner Booker in £3.7bn deal www.theguardian.com
Tesco, Britain’s biggest supermarket group, is to buy Booker, the UK’s largest food wholesaler and the owner of Londis and Budgens, in a £3.7bn deal.
The supermarket giant has unveiled an agreed share and cash merger that values Booker at £3.7bn, “to create the UK’s leading food business”.
Tesco chief executive Dave Lewis said: “Tesco has made significant progress in turning around our UK retail business. This merger with Booker will further enhance Tesco’s growth prospects by creating the UK’s leading food business with combined expertise in retail, wholesale, supply chain and digital. Wherever food is prepared and eaten – ‘in home’ or ‘out of home’ – we will meet this opportunity with the widest choice and best service available.”
Under the terms of the deal, each Booker shareholder will receive 0.861 Tesco shares and 42.6p in cash.
Published Date:2017-01-27
