WHSmith has acquired US travel group Marshall Retail for $400 million in an effort to drive its international travel business. Marshall Retail group has 170 stores across travel and resort locations in the US, of which 59 are at airports. The acquisition follows WHSmith’s full-year results where the retailer posted a 1% rise in pre-tax profit to £135 million. In the same period, 52 weeks to August 31, the retailer also saw an 11% rise in group revenue to £1.4 billion. During the year WHSmith also acquired InMotion for £155 million and opened the first InMotion store at Leeds Bradford Airport in August. The acquisition was made to strengthen WHSmith’s presence in the UK travel sector.

Now, in an effort to grow its international travel business WHSmith has launched a £155 million share equity to partly fund the acquisition together with Barclays and JP Morgan who will both act as joint book-runners.

WHSmith expects the acquisition to be completed within the first quarter of its current financial year.