LONDON: Marks & Spencer Group Plc (M&S) has formed a joint venture with Ocado Group Plc to deliver online grocery orders in the UK, agreeing to pay £750mil (US$993mil) for a 50% stake in the partnership.
M&S said it planned a rights issue to raise as much as £600mil (US$794mil) to help finance the deal. The UK retailer will unseat John Lewis Partnership Plc’s Waitrose as the tech startup’s main grocery supply source. The partnership will take effect in September 2020.
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