Britain's Marks & Spencer takes another step into online retail, It's agreed a joint venture with web-based grocer and online pioneer Ocado, M&S will buy a 50 percent share of Ocado's UK retail business for just under $1 billion.
Giving the firm a full online food delivery service for the first time.
M&S says it will fund the deal through a rights issue of shares of $797 million, And a cut to its dividend by 40 percent.
That put off investors - shares dropped as much as ten percent early Wednesday, The biggest one day drop Marks & Spencer has seen in more than two and half years.
M&S - at 135 years old - is a mainstay of the British high street, But it's struggled to cope with the rise of fast fashion and online shopping.
Online is Britain's fastest growing grocery segment - expected to grow by 52 percent over the next five years, according to industry research.
M&S sells clothes and flowers online but - until now - didn't have a full delivery service for its food.
Unlike rivals Waitrose, Tesco and Sainsbury's.