Asda Acquires Netto for £778 Million

Date Published:28/05/2010

The UK’s second largest food retailer has announced it has agreed to buy deep-discount retail chain Netto, in a move that shocked the industry.

The takeover of the 193 Dansk Supermarked-owned stores will be finalised later this summer following approval from the Office of Fair Trading.

The purchase will substantially boost Asda’s number of smaller stores and increase its dominance of the market, with plans to rebrand all 193 stores as Asda by 2011.
Asda’s president and chief executive Andy Clarke said: “We very much look forward to welcoming Netto’s colleagues into our business and joining our team. Customers will benefit from low prices on a significantly broader range of quality products, complemented by the wide range of services we offer in all our smaller stores.
“The creation of new in-store jobs in a tough economy will also be a welcome boost in scores of communities across the UK.”