M&S wins £750m food delivery service with Ocado

Marks & Spencer is aiming to raise nearly £600m to put towards a deal struck with Ocado worth £750m.

Once the deal has been secured, M&S will be able to have its food delivered to UK homes for the first time ever.

The companies confirmed the joint venture less than a day after it revealed talks were taking place, which prompted increases in their share prices.

The terms mean Ocado’s current delivery partner, Waitrose, will be scrapped at the conclusion of its current contract.

M&S said the 50/50 partnership would trade as Ocado.com from September 2020.

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