Shares in Ocado (OCDO) rocket 43% higher to 787.9p following the announcement of a tasty partnership with U.S. grocer Kroger, giving the online grocer-to-e-commerce tech licensor a foothold in the vast groceries market across the pond.
Ocado's shares soared by nearly a third to an all-time high after the online supermarket announced it will build as many as 20 robotic warehouses in the USA as part of a landmark deal with American supermarket giant Kroger that will significantly accelerate its plans to become a global supplier of white-label online shopping technology.
Kroger will pay monthly exclusivity and consultancy fees to Ocado, which will discontinue discussions with other USA -based retailers.
Kroger has almost 2,800 shops across 35 USA states and annual sales of $122bn in 2017.
Ocado said that it expects that the structure of the terms that it will agree with Kroger will be "broadly similar per CFC" to those agreed with its existing global partners: Groupe Casino, in France; Sobeys, in Canada; and ICA, in Sweden. The deal follows on from one with Canadian grocery chain Sobeys in January.
As part of the deal, Kroger will take a stake in the British company, equivalent to 5% of the existing share capital valued at £183m, Ocado said.
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The agreement, Kroger's response to Amazon's purchase of Whole Foods, takes Ocado's home-delivery platform into the U.S. for the first time and marks the fourth major deal it has signed with supermarkets in six months.
Currently, the two companies are looking for suitable locations to establish three automated warehouse facilities. Ocado will also allow Kroger to use its online shopping and logistics technology.
As we work through the terms of the services agreement with Kroger in the coming months, we will be preparing the business for a transformative relationship which will reshape the food retailing industry in the United States in the years to come.
Rodney McMullen, chairman and CEO of Kroger, said the retailer is on a mission to develop new customer experiences by investing in technology.
Our partnership with Ocado will speed up our efforts to redefine the food and grocery customer experience - creating value for customers and shareholders alike.
Former premier is facing massive backlash from the from his opponents over his remark on the 2008 Mumbai terror attacks. He vowed to address the party lawmakers' grievances, and said he will talk to the PML-N supremo over the issue.
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Elton John said, "Songwriters are the heart and the soul of songs, so it's wonderful seeing them get the credit they deserve". Consumers are able to access the credits when they click the "Show More" button under each video.
Saturday will be my last match with Juventus and I believe it will be the best way to conclude this adventure. The 2003 UEFA Club Footballer of the Year ends his career as the current Best FIFA Goalkeeper.
Chris Sale couldn't quite harness his crackling fastball on this night, limited to five innings as his pitch count swelled to 102. Both scored on a double by Chapman, who drove a pitch from Rodriguez over the head of Mookie Betts in right field.
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