KPMG was on Friday named as lead adviser on a $1 billion-plus deal, a big win for the firm which usually carries out the due diligence on larger deals rather than providing financial advice.

The Co-operative Group announced that it has entered into an agreement to sell its pharmacy business to Bestway for £620 million ($1.1 billion). The deal follows a formal sale process started by the Co-op reflecting its decision that the pharmacy business was not part of its future strategy.