Updated: Ocado launches £1bn fund raise to capitalise on online shift
Ocado has launched an ambitious bid to raise £1bn in fresh funding to help it capitalise on the “significant acceleration” in online shopping during the coronavirus pandemic.
The grocer-cum-technology provider hopes to raise £650m through the placing of new shares and a further £350m through the issuing of unsecured convertible bonds.
Ocado said the move would provide it with the financial firepower to support its current partners – including US grocery giant Kroger, French operator Casino and Canadian supermarket chain Sobeys – and take advantage of the “huge” opportunity to pen more deals with retailers in other global markets.
It has already committed to building 54 of its automated warehouses for its stable of partners, which also includes the likes of Aeon in Japan and Australian retailer Coles.
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