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.

The group said it hopes to complete the takeover later this summer, subject to regulatory approval.