Wal-Mart's Asda Buys UK Grocer Netto For $1.1B

Law360, New York (May 27, 2010, 7:03 PM EDT) -- Wal-Mart Stores Inc. U.K. subsidiary Asda has reportedly forked over ₤778 million ($1.1 billion) to acquire grocer Netto Foodstores Ltd. in an effort to extend Asda's reach and expand its small stores division.

Wal-Mart paid the money in cash to purchase Netto's stores from Dansk Supermarked A/S, a Danish retail group owned by shipping giant AP Moller-Maersk, the Telegraph reported Thursday.

A Wal-Mart spokesman confirmed that the transaction would be paid for with readily available cash.

Asda said Thursday it expected to finalize the deal after...
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