Marks and Spencer Group has announced £145 million deal to buy Gist, its principal logistics provider for M&S Food. The move comes as part of plans to modernise its food supply chain network. And a belief that it can reduce the cost to serve, update legacy systems and improve automation through investment in its supply chain network. Gist provides the majority of M&S Food logistics services via a network of eight primary and 10 secondary distribution centres located across the UK and the Republic of Ireland. These include a number of freehold warehouses. Under the transaction, M&S is acquiring the entire share capital of Gist for an initial consideration of £145m in cash. A further amount of £85m plus interest will be payable in cash from the proceeds of the intended onward disposal of freehold properties or, at the latest, on the third anniversary of completion. An additional profit share from the disposal proceeds of up to £25m plus interest will be payable under certain conditions.