LONDON– Tesco PLC, the U.K.'s number one grocer by market share, has agreed to buy food wholesaler Booker Group PLC for GBP3.7 billion ($4.66 billion).
The supermarket chain also said Friday that it plans to restart paying dividends in fiscal 2018, reflecting the company's improved performance. It last paid a dividend in December 2014.
Tesco said the cash-and-share deal for Booker would benefit its customers and staff as well as generate value for shareholders. The companies expect to achieve pretax profit synergies of at least GBP200 million a year by the third year of completion and revenue synergies of at least GBP25 million a year.
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