30th Sep 2022 12:45
Marks & Spencer Group PLC - London-based food and clothing retailer - Completes acquisition of its principal contract logistics provider, Gist Ltd. The acquisition was announced in July and since then all necessary merger approvals have been obtained and the separation of businesses not forming part of the acquisition target have completed.
M&S is buying Gist for an initial GBP145 million in cash, with a further GBP85 million, plus interest, payable on the third anniversary of completion at the latest. Up to GBP25 million plus interest will also be payable "under certain conditions".
Gist was acquired as part of the firm's acceleration plan to transform its food supply chain. It offers customers primary logistics from supplier to depot, and secondary logistics services from depot to store.
Current stock price: 97.70 pence, up 2.3% on Friday afternoon in London
12-month change: down 47%
By Heather Rydings; [email protected]
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