Mubasher: UK-based Tesco on Tuesday announced acquiring Booker at a value of GBP 3.7 billion ($4.85 billion), said the UK’s competition regulator.
The transactions is slated for completion by the beginning of 2018.
The UK’s Competition and Markets Authority (CMA) stated that the transaction will contribute to decreasing prices for shoppers and raising competition in the wholesale market.
Despite losing market share in recent years, Tesco remains the UK's biggest supermarket with a market share of about 28%.
The largest food wholesaler in the UK, Booker owns a number of store brands, namely: Londis, Budgends, and Premier.
More than 30% of Booker’s sales are allocated to the catering sector.