UK: Tesco acquires wholesaler Booker for $4.6b

British convenience and fuel retailer Tesco Plc has acquired Booker Group for around 3.7 billion pounds ($4.6 billion).

Tesco Plc has agreed to buy Booker Group, a British food wholesaler which also operates convenience stores, in what is the biggest deal ever for the supermarket chain, reports Business Insider.

With this acquisition Tesco hopes to fend off discount supermarkets such as Aldi and Lidl by gaining more bargaining power with suppliers and owning a big slice of the British convenience market.

Booker`s business involves selling grocery products to more than 500,000 customers including grocers, small convenience stores, hotels, pubs and restaurants.

British convenience and fuel retailer Tesco Plc has acquired Booker Group for around 3.7 billion pounds ($4.6 billion).