Drinks retailer Majestic Wine has completed a deal to acquire the issued share capital of rival Lay and Wheeler.
For approximately £4.75 million (AUD$10.4 million), the UK-based warehouse chain will also take on about £1 million in debt for the company which registered pre-tax profits of £500,000 in the 2007 fiscal year.
When finalising the agreement, executives from both companies could have used a secure virtual data room to inspect accounts in an online, policed environment, which includes setting for restricted printing and saving.
Chief executive of Majestic, Steve Lewis, noted: "Given the clear and continuing appetite of our customers for fine wine, Lay and Wheeler is an extremely good fit with Majestic.
"This acquisition will allow us to greatly extend this important offering and help continue with the Majestic growth story."
Staying in the UK, the supermarket chain Sainsbury's recently announced that it had acquired 24 outlets from rival retailer Co-operative Group for £83 million.
