- WH Smith has agreed to acquire US travel retailer Marshall Retail Group for $400m (£312m) on a cash and debt-free basis to expand its international travel business.

The company said the move would allow it to accelerate its growth into the $3.2bn US airport travel retail market.

The transaction will broadly double the size of WH Smith’s International Travel business, the company said.

Carl Cowling, incoming WH Smith Group chief executive, said: "Combined with InMotion, the market leading digital accessories airport retailer that we acquired last year, [this transaction] will significantly enhance our scale and growth opportunities in the US, a large and fast growing travel retail market.”

The proposed acquisition will be financed through a combination of new debt and equity. Around £155m will be raised through and underwritten equity placing.

At 8:54am: [LON:SMWH] WH Smith PLC share price was +106p at 2194p

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