Photo-Me to Acquire Asda's Photo Business for GBP5.4 Million
August 23 2016 - 2:58AM
Dow Jones News
LONDON--Photo-Me International PLC (PHTM.LN) on Tuesday said it
will acquire the photo division of U.K. supermarket chain Asda
Stores Ltd., for around 5.4 million pounds ($7.07 million) in cash
and stock plus certain commission payments.
The photo booth operator said the business consists of 191 photo
centers and 172 self-service kiosk sites located across Asda
stores. The business will be managed by Photo-Me under a ten-year
concession agreement with Asda.
Photo-Me expects the deal to be earnings-enhancing in the medium
term and has retained its views for the current financial year.
The acquisition is anticipated to complete on Oct. 31. Asda
Stores is a unit of Wal-Mart Stores Inc. (WMT).
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
August 23, 2016 02:43 ET (06:43 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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