Tesco, Britain’s biggest retailer, has completed the £4 billion (US$5.51 billion) takeover of Booker, the country’s largest wholesaler, the companies said on Monday, March 5. The cash and shares deal, originally worth £3.7 billion (US$4.6 billion at the time) when it was first announced in January 2017, was implemented through a court-sanctioned scheme of arrangement.
Analysts noted that with a market capitalisation of just under £20 billion (US$27.7 billion), Tesco is now bigger than the whole of rivals Sainsbury’s, Morrisons, Marks & Spencer and Ocado put together. Tesco will now start its“Joining Forces” program to integrate the two businesses, reported Reuters.
Full Content: Reuters
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