Asda have confirmed a legal takeover of 132 sites across the United Kingdom today.
The purchase by the supermarket giant includes 129 retail stores with attached petrol stations, with an additional three development sites. The deal was first announced by the company back in August.
However, the sale is still awaiting regulatory approval from the Competition and Markets Authority (CMA), the Mirror reports.
Read Next: Mum 'annoyed' by friend's £12K gift to her son
The deal has been put in place as a part of its strategy to enter the convenience retail space and create a new part of the business that will bring Asda value to more Asda communities.
Asda has yet to release a full list of The Co-op sites that it is taking over, however, the 2,300 employees currently employed by The Co-op will be moved over to Asda.
The acquisition has a cash value of £438million, but a total value of around £600million, inclusive of lease liabilities.
Each existing store is between 1,500 and 3,000 square feet in size and has petrol stations attached.
The CMA has issued an ‘Initial Enforcement Order’ requiring that the Co-Op sites remain separate from Asda whilst they conduct an investigation into the deal – a process that is expected to take until mid-2023.
Mohsin Issa, co-owner of Asda said: "We are delighted to formally complete the transaction that we announced in August and taking the next step on our journey to creating a new and exciting part of our Asda business.
"As millions of families deal with the day-to-day impacts of increasing costs of living, we’re committed to bringing Asda’s great value groceries and fuel to even more communities across the UK through these new stores.
"Over the last five years we’ve been consistently ranked as one of the cheapest providers of fuel in the UK and have been voted the Grocer’s best priced supermarket for 25 years in a row – meaning customers in these communities can look forward to saving millions annually on the cost of filling their shopping trolleys and tanks when Asda comes to town.
“We look forward to working collaboratively with the CMA on their investigation and to welcoming our new Asda colleagues to our great business in the coming months.”
The new format will be called 'Asda Express' with stores opening around the UK from November 8 in Sutton Coldfield.
They are separate from the Asda On the Move convenience sites, which are located on garage forecourts owned and operated by EG Group. They are also separate from the stores Asda is acquiring from the Co-op Group.
READ MORE:
Updates as police cordon off block of flats
'Beautiful' woman shot dead named locally as tributes pour in
Rio Jones' shooting victim named as he's also convicted over gun crimes
Lying carer, restaurant manager and murderer among 10 crooks jailed this week
BBC Antiques Roadshow guest told his £5 car boot find is worth £1,000
