Musgrave get the clear for €57 million deal to sell UK division

Musgrave

Irish Retail giant Musgrave have received regulatory clearance to sell its UK operations. It is believed that the deal will be worth around €57 million and will be sold to a rival UK wholesale giant Booker. Musgraves, which is based in Cork operate the Budgens and Londis brands and have close to 1800 across the UK.

Booker is the UK’s biggest cash and carry operator and the deal have been cleared by the Competitions and Market Authority. It will be sold on a cash free and debt free basis. The acquisition is set to be complete in and around September 14th.

Musgrave currently own and operate the Supervalu brand in Ireland. In a statement, Musgraves said ‘’ “Musgrave Group today noted the decision of the UK Competition and Markets Authority to approve the sale of Musgrave GB to Booker Group PLC. Musgrave Group will now move to complete the transaction with Booker.”

Booker commented “We are pleased that the acquisition of Londis and Budgens has been cleared by the CMA. This will help strengthen our support for independent retailers throughout Great Britain.”

Source: http://www.independent.ie/business/supervalu-owner-musgrave-gets-green-light-for-57m-deal-to-sell-uk-division-31498934.html