UK: Wm Morrison sells ten Safeway stores to Tesco
UK supermarket group Wm Morrison has announced that it has agreed to sell ten Safeway stores to Tesco.
This is the latest tranche of store divestments announced by Morrisons since it completed the takeover of Safeway in March this year and is a continuation of the disposals required by the UK's Office of Fair Trading (OFT).
Morrisons said the consideration for the stores is in line with its expectations, and that it will provide further details regarding the disposal of the stores, including the aggregate consideration obtained, once the process has completed.
"Our integration of the Safeway business is progressing and today's announcement is a further step in the overall process. The contract with Tesco is subject to the approval of the Office of Fair Trading, and discussions with them have commenced," said Bob Stott, joint managing director for Morrisons.
Morrisons said that of the 52 stores it is required to divest in accordance with the OFT undertakings regarding the company's takeover of Safeway, Morrisons has agreed 42 disposals to date. The company recently agreed to sell four Safeway stores to Asda.
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