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US deal boosts Ocado's stock market value to £5.3bn

the Guardian
US deal boosts Ocado's stock market value to £5.3bn

Online supermarket brings logistics and tech to deal with US grocery giant Kroger Thu 17 May 2018 12.26 EDT First published on Thu 17 May 2018 06.09 EDT Ocado shares soared nearly 45% on Thursday – adding £1.6bn to the value of the company – after the online grocer unveiled a major push into the US market with a deal to provide its technology to the American grocery giant Kroger, the world’s third largest retailer. Tim Steiner, a founder and chief executive of the UK online grocer, said it was a “transformative” deal in which the two firms would build 20 automated warehouses across the US over the next three years. Kroger has nearly 2,800 shops across 35 US states and annual sales of $122bn in