.

StockMarketWire.com
Book and convenience chain WH Smith said it had agreed to acquire airport retailer InMotion for $198m (£155m), expanding its presence into the US market.

The deal would double the size of WH Smith's international travel business, which it has been growing to offset pressure on the UK high street.

The agreed acquisition price represented an implied multiple of around 9.9 times Ebitda.

'InMotion is a highly successful pure play travel retailer in the world's largest travel retail market,' chief executive Stephen Clarke said.

'The travel retail market in North America for digital accessories offers significant growth potential.'

'In addition, InMotion provides us with a scalable platform to launch the WH Smith airport format into the US, the world's largest travel retail market for news, books and convenience products.'

Also providing a trading update, WH Smith said it had made a 'good' start to the year, with travel revenue up 10% in the first eight weeks, and up 4% on a like-for-like basis.

High street total revenue was down 1%, and down 2% on a like-for-like basis.

Total revenue for the group was up 5%, or 1% on a like-for-like basis.