Asda has agreed to acquire 132 convenience stores from The Co-operative Group (Co-op) in a cash deal worth £438m, however the total transaction value stands at around £600m. The news was confirmed by the supermarket giant on Wednesday, August 31.
The move is part of Asda's "growth strategy" which will see the retailer move into the convenience market. Around 2,300 Co-op staff members will transfer to Asda’s employment under TUPE transfer following completion and after a transition period.
Mohsin Issa, Co-owner of Asda, said: "We have always been clear in our ambition to grow Asda and are hugely excited to create this new and distinct part of our business, giving us the opportunity to bring Asda value in fuel and groceries to even more customers and communities across the UK."
