Ocado has confirmed plans to create a 50/50 joint venture with Marks & Spencer, in a move that one analyst has described as "materially better than we thought yesterday".
Under the terms of the agreement, Marks & Spencer will pay Ocado £750 million (€877 million), including deferred consideration, for a 50% share in a new joint venture being established by the online retailer.
The joint venture combines Ocado's retail business, a new partnership for solutions services underlined by Ocado's Smart Platform, and the provision of branding and sourcing from M&S.
