Morrisons invests in online grocer FreshDirect
London -- Wm. Morrison Supermarkets PLC said Thursday that it has acquired a 10% stake in U.S. online grocer FreshDirect, based in New York City.
According to Morrison, the U.K. fourth-largest supermarket chain, the acquisition marks its debut in the online food market.
Morrison has also announced plans to test a c-store format and to expand its grocery store counts in order to increase its presence in the U.K grocery market.
Morrison will pay $51.7 million for the 10% stake in FreshDirect. It will also take a seat on its board.