Wholesaler acquires Woolworths asset in £15.6m deal

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UK newspaper wholesaler Smiths New has completed the £15.6 million (AUD$32.33 million) acquisition of Bertram Group.

Formerly part of the now defunct Woolworths Group, the takeover of the Norwich-based firm could bring in an additional £122.5 million in revenues for Smiths News.

During this acquisition and any similar deals, Smith News could potentially have benefited from utilising a secure, online virtual data room, which allow for the rapid exchange of encrypted accounts and documents between business directors.

Chief executive at the company, Mark Cashmore, said: "We believe this represents an excellent strategic opportunity for Smiths News to broaden our business and to utilise further our specialist distribution skill set in the UK."

He added that the group expected the deal to be "earnings enhancing" by the end of its first full financial year.

Elsewhere, the UK's Co-operative Group, a major retail chain, has finalised a deal to purchase 67 food outlets in the form of the Plymouth and South West Co-operative Society.