Asda has today confirmed plans to buy 132 sites from The Co-op in a deal, including 129 retail stores with attached petrol stations and three development sites
Asda
Has confirmed plans to buy 132 sites from The Co-op in a deal worth £600million.
The purchase includes 129 retail stores with attached petrol stations, plus three development sites.
The 2,300 members of staff currently employed in the Co-op stores will transfer over to it.
And says the sites are located nationwide, with the supermarket to create a new “distinct format fin the convenience market”.
It will pay £438million in cash and take on around £162million of lease liabilities as part of the deal.
The final amount – which will be funded by through a combination of existing cash resources and bank finance -will be confirmed when completed.
https://www.mirror.co.uk/money/breaking-asda-confirms-plans-buy-27872480