Menu
Menu
Metcash acquires NSW Franklins stores

Metcash acquires NSW Franklins stores

Metcash Trading Limited (ASX:MTD) announced it would take ownership of 77 Franklins stores in NSW in a deal worth $215M.

The acquisition is expected to add more than $500M of annual wholesale sales to the Metcash business.

Metcash proposes to sell the stores to independent IGA retailers, but will operate the stores in the period preceding the sale.

Chief Executive, Mr Andrew Reitzer focused on the benefits it would provide to consumers, saying that “The IGA network will significantly improve its competitive position against the national chains in Australia’s largest grocery market, NSW”.

Metcash shares were trading up 15c at $4.34 at midday. Woolworths (ASX:WOW) shares were down 30c to $26.72

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags woolworthsMetcashacquistionsAndrew ReitzerFranklins

Show Comments
Computerworld
ARN
Techworld
CMO