The Competition and Markets Authority (CMA) has given the go-ahead for Sainsbury’s £1.4bn acquisition of Argos owner Home Retail Group.
Sainsbury’s and Home Retail agreed a deal back in April with the CMA launching a phase 1 inquiry in May to establish whether the tie-up would lead to a lessening of competition within the market. However, the CMA said today that it would not be referring the deal for further investigation.
“The boards of Sainsbury’s and Home Retail Group welcome today’s announcement by the CMA that it has unconditionally cleared the acquisition following its Phase 1 investigation,” both companies said in a joint statement.
The takeover is now subject to clearance from the Financial Conduct Authority and Home Retail shareholders, who will be asked to approve the deal next Wednesday (27 July).
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