Tesco is merging with Booker in a £3.7 billion deal

LONDON — Supermarket Tesco on Friday announced a deal to merge with Booker, the UK’s largest wholesale food retailer.

Tesco says in a statement: “The Combined Group will be well placed to serve the large, established ‘in home’ food market as well as the faster growing ‘out of home’ food market.”

This story is developing. Refresh for the latest.

NOW WATCH: Michael Lewis reveals why some Germans are obsessed with ‘human faeces’

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.