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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 £145 million in cash, with a further £85 million, plus interest, payable on the third anniversary of completion at the latest. Up to £25 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%
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