Shares in online grocery retailer Ocado rose sharply in early morning trading – up over 10% to 457.20 – following the company’s announcement of an agreement to partner with Sobeys.
The deal will see Sobeys partner with Ocado Solutions to develop an online grocery business in Canada using the Ocado Smart Platform.
Sobeys is Canada's second largest food retailer, operating more than 1,500 stores across the country, and generating sales of $23.8bn in 2017.
Ocado will partner exclusively in Canada with Sobeys to launch their end-to-end solution for online grocery services.
Sobeys and Ocado will develop their first Customer Fulfilment Centre (CFC) in the Greater Toronto Area. The build is expected to take approximately two years.