Ocado Shares Soar After Deal With Kroger to Enter the US
Ocado Shares Soar After Deal With Kroger to Enter the US
Ocado to enter US market with 'transformative' Kroger deal
17 May, 2018, 17:30
The agreement, Kroger's response to the competitive threat posed by Amazon's purchase of Whole Foods, takes Ocado's home-delivery platform into the United States for the first time and marks the fourth major deal it has signed with supermarkets around the world in six months.
Kroger, which is second only to Walmart in terms of USA market share, with revenues past year of $122bn (£90bn), will also take a 5pc stake in the FTSE 250 firm at a value of £183m.
The two groups are identifying the first three of 20 new sites for automated warehouses using Ocado's product-sorting and distribution technology, which allows retailers to speed up their online-delivery businesses.
The news sent Ocado's shares up 31pc in early trade to 725p.
Britain's online supermarket Ocado clinched a game-changing deal with Kroger as its exclusive partner in the US, securing its entry into the world's biggest market and sending its shares up 50 percent.
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It also said that Kroger, which recorded sales of US$122bn during 2017, making it the largest grocery retail chain in the USA in terms of revenue, was best placed to retain that market-leading position. As part of the agreement, Kroger will buy a 5% stake in the British company by purchasing more than 33.1 million new, ordinary shares at a value of GBP183 million ($247 million).
"Ocado's unique, proprietary and industry-leading technology is set to transform the shopping experience of consumers around the world". It will now discontinue discussions with other US-based retailers.
"We see Ocado as an innovative, exciting and transformative partnership in pursuit of our Restock Kroger vision, to serve America through food inspiration and uplift", he said.
Rodney McMullen, Kroger's chief executive, said the partnership would the grocer "redefine the food and grocery customer experience - creating value for customers and shareholders alike".
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