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16/07/2008
Co-op Agrees Somerfield Purchase
Supermarket chain The Co-operative Group has agreed to purchase rival chain Somerfield in a deal worth £1.57 billion.
The deal will cement the Co-op Group's position as the fifth biggest food retailer in the UK.
Co-op Chief Executive Peter Marks said that the deal, which is subject to regulatory approval, would provide "rocket fuel" for the company's plans for expansion.
He said: "We will create a stronger fifth player in food and a convenience store chain with unrivalled geographic reach."
Bristol-based Somerfield was owned by a consortium including private equity firm Apex, investment bank Barclays Capital and property magnate Robert Tchenguiz, who purchased it for £1.1 billion three years. They had been seeking a buyer for the chain since the beginning of year.
(KMcA/JM)
The deal will cement the Co-op Group's position as the fifth biggest food retailer in the UK.
Co-op Chief Executive Peter Marks said that the deal, which is subject to regulatory approval, would provide "rocket fuel" for the company's plans for expansion.
He said: "We will create a stronger fifth player in food and a convenience store chain with unrivalled geographic reach."
Bristol-based Somerfield was owned by a consortium including private equity firm Apex, investment bank Barclays Capital and property magnate Robert Tchenguiz, who purchased it for £1.1 billion three years. They had been seeking a buyer for the chain since the beginning of year.
(KMcA/JM)
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