South Africa's Bidcorp to sell unit to Tesco's Booker
It will sell its Best Food Logistics unit in Britain to Tesco's unit, Booker Group.
South African food services company Bid Corp (Bidcorp) on Wednesday said it would sell its Best Food Logistics unit in Britain to Tesco’s unit, Booker Group.
Bidcorp, which operates in Europe, United Kingdom, Australasia and emerging markets, said as a result of the deal there will be no material financial impact on its net assets or profits for the full year ending June 30, 2020.
Bidcorp said the transaction would take time to conclude, because it still needed to go through regulatory approval. “The transaction is subject to customary conditions precedent, including the approval from the Competition and Market Authority in the UK, which is expected to take several months,” the group said.
Best Foods operates in the QSR contract logistics market in the UK.
Bidcorp said that it expected no material financial impact on its consolidated net assets and profit for the year to end June 2020 as a result of the transaction. It said Best Foods had been recorded as an uncategorised transaction in terms of the Listings Requirements of the JSE.