News Ocado now worth more than Marks and Spencer

Discussion in 'Retail' started by Cody, May 18, 2018.

  1. Cody

    Cody

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    Recent news shows that Ocado's shares have rocketed at almost 45% adding over £1.6billion to their stock market value, therefore making it worth more than Marks & Spencer.

    Shares jumped yesterday due to its announcement with US-based grocer Kroger deal, which is the world's third largest retailer with nearly 3,000 shop spanning across 35 states. With the Ocado shares jumping this massively, with the extra £1.6billion added to their market value this has increased their entire business at around £5.3billion, whereas M&S are worth £4.8billion.

    The new deal between the two retailers will see Ocado's technology used by Kroger, who will also be taking a five percent stake in Ocado.

    Ocado's founder and Chief Executive, Tim Steiner said: "As we work through the terms of the services agreement with Kroger in the coming months, we will be preparing the business for a transformative relationship which will reshape the food retailing industry in the US in the years to come."
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