UK: Tesco to merge with Booker in £3.7 billion deal

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UK: Tesco to merge with Booker in £3.7 billion deal

UK: Tesco to merge with Booker in £3.7 billion deal

January 31, 2017 By Innovation Editor - Europe , In Europe, Food, Mergers & Acquisitions

Tesco, the UK’s leading food retailer, has merged with Booker , the UK’s leading food wholesaler, in a £3.7 billion ($4.7 billion) deal to create the UK’s leading food business.

According to a joint statement, "the Combined Group will bring benefit to consumers with better quality food and attractive prices".

"It will help independent retailers, caterers, suppliers and small business by improving choice, price and service. It will also create opportunities for synergies as well as attractive innovation opportunities", the firms added.

Dave Lewis, chief executive of Tesco, commented: "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".

Source: Tesco