Asda in £778m acquisition

British supermarket giant Asda said today it was snapping up the UK arm of discount retailer Netto in a move set to add another 193 stores to its estate.

Asda, which is owned by US group Wal-Mart, has agreed a £778m (€634.8m) deal to buy the stores, which it aims to convert to the Asda brand by next summer.