Why Tesco wants to buy eCommerce company Wikipedia

Tesco has bought eCommerce consultancy Wikipedia for €4.7bn ($6.1bn) and plans to start selling the business on its website.

In a statement, Tesco said it would “rebuild and transform the Wikipedia marketplace for its own eCommerce business”.

The acquisition will give the company access to a market that was “entirely underserved” in the UK, with just 8.5% of online shoppers coming from the country, it said.

Tesco is the third major supermarket chain to make an investment in Wikipedia in recent months, following Unilever’s purchase of a 51% stake in the site in January and Walmart’s £3.2bn acquisition in October.

Tesport’s takeover of Wikipedia follows that of other big-name retailers such as Boots and Waitrose, who also purchased stakes in the website.

“In an era where the internet is transforming everything from how we shop to what we do online, it’s a great time to invest in Wikipedia,” Tesco chief executive Andy McDonald said.

“The world is changing and the company is ready to help with the transition.”

Tesco said the deal was made possible through an investment from the Irish and Welsh governments.