Ocado, the online grocer making waves on both sides of the Atlantic, is soaring after announcing venture talks with an iconic UK retailer
, the UK-based online grocer with operations on both sides of the Atlantic, are surging on Tuesday after it was announced that it is in talks with iconic UK retailer Marks & Spencer over a possible partnership.
Marks & Spencer, or M&S for short, operates more than 1,000 stores in the UK, and around 400 more globally. The firmthat"following press speculation," talks with Ocado are underway"regarding a joint venture in UK retail." "There is no certainty that these discussions will result in any agreement or as to the timing of any such agreement," the statement reads.that the pair have sealed a deal to create a £1.8 billion joint venture. The Standard reports that Marks & Spencer will"pay Ocado between £800 million and £900 million for a 50% stake in the new concern.
Under the joint venture, the newspaper added, Ocado will provide use of its delivery technology to Marks & Spencer, which has struggled to break into the delivery space in the UK, in return for Ocado gaining access to M&S' hundreds of thousands of UK customers.in the minutes after the talks were confirmed.
By 12.20 p.m. GMT , the stock had moderated a little, and was trading at £9.65 per share, a gain of 8.9%, as the chart below shows. Marks & Spencer stock also climbed, gaining around 3% to trade at £3.00 per share.Ocado has been making big moves to licence out its technology in the past year or so, with the retailer signing partnerships with the likes of Morrisons, the UK's fourth largest grocer.
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