Tesco £3.7 billion acquisition of Booker Group

Overview:

• Tesco has made a share and cash offer worth £3.7 billion to acquire the Booker Group.
• The deal would see the UK's biggest supermarket and biggest wholesale retailer combine.
• Booker Group owns the Budgens and Londis convenience stores.
• Tesco has 3500 stores and close to 30% of the UK grocery market. The firm is still being investigated for an alleged accounting scandal that emerged in 2016.
• The main obstacle to the deal will be the extent to which the competition authority views the move as making Tesco dominant in the UK convenience store market.
• Greenhill acted as financial adviser to Tesco.

Sam Duke - Editor