WMT Walmart Inc

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)

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