Tesco to Buy Booker for $4.7 Billion
27 Januar 2017 - 9:02AM
Dow Jones News
By Ian Walker
LONDON-- Tesco PLC, the U.K.'s number one grocer by market
share, has agreed to buy food wholesaler Booker Group PLC for
GBP3.7 billion ($4.66 billion).
The supermarket chain also said Friday that it plans to restart
paying dividends in fiscal 2018, reflecting the company's improved
performance. It last paid a dividend in December 2014.
Tesco said the cash-and-share deal for Booker would benefit its
customers and staff as well as generate value for shareholders. The
companies expect to achieve pretax profit synergies of at least
GBP200 million a year by the third year of completion and revenue
synergies of at least GBP25 million a year.
Booker shareholders will get 0.861 new Tesco shares and 42.6
pence in cash for each share held, giving them about a 16% share of
the combined group.
Booker Chief Executive Charles Wilson and Chairman Stewart
Gilliland will join the combined company's board after the
deal.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
January 27, 2017 02:47 ET (07:47 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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