FreshDirect will receive a minority economic interest in Morrison's planned London online operation after the UK retailer bought 10% of its US peer.
UK-listed retailer Wm Morrison Supermarkets has acquired about 10% of FreshDirect, a US-based online grocer, for £32m ($50m) in order to start building an internet operation.
In turn, FreshDirect will receive a minority economic interest in Morrison’s planned London online operation.
Dalton Philips, chief executive of Morrison, will join FreshDirect’s board and Morrisons will have a team in FreshDirect’s Long Island City, NY, facility to learn about its profitable e-commerce model.
Last month, Morrison bought internet retailer Kiddicare…
