// WHSmith investors approve of its £305m takeover of US company Marshall Retail Group (MRG)
// In October, WHSmith revealed plans to acquire MRG
WHSmith investors have officially backed its $400 million (£305 million) takeover of US firm Marshall Retail Group (MRG).
The British retailer aims to expand its presence internationally, particularly its travel division.
In October, WHSmith revealed plans to acquire MRG as it was a “compelling opportunity to accelerate the growth of WHSmith’s International Travel business in the $3.2 billion (£2.4 billion) US airport travel retail market”.
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Earlier in the year, WHSmith had also acquired US travel retail specialist InMotion, which was believed to bring “strong and highly visible near-term growth prospects”, benefiting the retailer’s international travel operations.
At that time, MRG had 170 stores in North America – 59 of them in airports.
”MRG is a highly successful US travel retailer with a fast growing airport business,” WHSmith chief executive Carl Cowling said.
”This acquisition will accelerate the growth of our international travel business and combined with InMotion, the market leading digital accessories airport retailer that we acquired last year, will significantly enhance our scale and growth opportunities in the US, a large and fast growing travel retail market.
“This is an exciting value creating opportunity, entirely in line with our strategy.”