Irish retailer Musgrave is on the cusp of completing its purchase of rival Superquinn after a monopoly watchdog approved the sale today (29 September).
The Irish Competition Authority ruled that the deal would not “substantially lessen competition in markets for goods or services” in the country and said it would allow the sale to go ahead.
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Musgrave, which runs chains including SuperValu in Ireland, Budgens in the UK and Dialprix in Spain, reached an agreement with Superquinn’s receivers in July after Superquinn fell heavily into debt.
It welcomed the announcement and stated that it now expects to complete the transaction on 11 October.
CEO Chris Martin said: “The purchase of Superquinn supports our growth agenda and will sustain our competitiveness. We will apply our considerable expertise to help stabilise a business that has been greatly challenged by the changes in the market place in recent years.”
Musgrave also announced that following the anticipated completion of the transaction, a EUR10m fund for Superquinn suppliers will be activated and administered by the joint receivers.
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By GlobalDataKPMG, Superquinn’s receivers, was not available for comment at time of writing.
