Thursday, 17 May 2018

Shares in online grocer Ocado rise 44% on news of Kroger tech deal

Shares in online grocer Ocado have surged by 44% after it struck a deal with US retail giant Kroger.

Ocado's technology will be used in the US exclusively by Kroger, which is one of the world's biggest grocery chains with annual sales of $122bn (£90bn).

Under the terms of the deal, Kroger will also take a 5% stake in Ocado.

The agreement is the latest in a series of deals that Ocado has struck with retailers to share its technology that automates online grocery orders.

The Kroger deal is the fourth agreement Ocado has reached in six months, and marks its first foray into the US.
Shares in Ocado started the day worth 552p, rose at one point to 995p, and ended the day worth 797p.

BBC     News.

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