Musgrave Group has been given the all-clear by Irish regulators to complete its purchase of Superquinn.
The Competition Authority said the deal would “not substantially lessen competition” in Ireland.
A deal thought to be worth €250m (£217.8m) was announced in July, the day after Superquinn slipped into administration. Alongside Musgrave’s SuperValu and Centra brands, the group will have a combined share of the Irish market equal to Tesco.
Welcoming the decision, Musgrave chief executive Chris Martin said the deal would now be completed on 11 October.
“The purchase of Superquinn supports our growth agenda and will sustain our competitiveness,” Martin said. “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.
“In a declining market where consumers are spending less and continuously looking for value, Superquinn has struggled to retain market share. Working with the Superquinn team, we will tackle these challenges to stabilise the business and develop it for the future.”
Superquinn suppliers to get millions from insurer (4 August 2011)
Daily Bread: The not so mighty Quinn (19 July 2011)
Musgrave moves on debt-hit rival Superquinn (19 July 2011)