British retailer Marks and Spencer said on Thursday it will acquire its main logistics provider Gist Ltd for an initial consideration of 145 million pounds ($173.06 million) in an all-cash deal.

A further amount of 85 million pounds plus interest will be payable in cash from the proceeds of the intended onward disposal of freehold properties or on the third anniversary of completion of the deal, M&S said in a statement.

(Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich)