The Co-operative Group’s £137.5m takeover of wholesaler and convenience retail specialist Nisa Retail, has been given the green light by the Competition and Markets Authority (CMA).
The deal, which was unanimously agreed by Nisa’s shareholders last November, will see Co-op take on Nisa’s debt of around £100m. Members will still enjoy the independence to operate their stores as they wish, and will be able to remain part of a member-owned organisation within the growing UK convenience retail sector.
Nisa chairman Peter Hartley commented: “Today’s ruling by the CMA is excellent news, and a significant step towards finalising the transaction that our members voted for last November. We are very excited about our future together which will help ensure that our members are best placed to serve their communities.”
Nisa’s takeover talks originally gathered interest from Sainsbury’s last summer before talks broke down, paving the way for Co-op to put forward its bid. The deal had incurred delay during the process as supermarket giant Tesco’s eventually successful takeover of another wholesaler Booker, had also waited to get over the finishing line.