British clothing to home products retailer Marks & Spencer has agreed a joint venture (JV) with online supermarket company Ocado.
Under the transaction, Marks & Spencer will acquire a 50 percent share of Ocado’s UK retail business for up to 750 million pounds ($994 million).
The companies said that the JV will give Marks & Spencer a full online food delivery service for the first time.
Marks & Spencer said that it will fund transaction from a rights issue of shares to secure up to $798.6 million.