. The purchase includes 129 retail stores with attached petrol stations, plus three development sites. Each existing store is between 1,500 and 3,000 square feet in size and has petrol stations attached. The stores will remain separate from Asda whilst the CMA conducts its enquiry into the deal. Asda is owned by billionaire brothers Zuber and Mohsin Issa ( SWNS.com) Asda has yet to release a full list of The Co-op sites that it is taking over. The 2,300 colleagues currently employed by The Co-op will be moved over to Asda. The deal has a cash value of £438million but a total value of around £600million, inclusive of lease liabilities. 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. Read More "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 month){kind=link}
Asda today confirmed it has legally completed its takeover of 132 Co-op stores across the UK – but the sale remains subject to approval from the Competition and Markets Authority (CMA)
Asda has legally completed its takeover of 132 Co-op stores across the UK.
The deal was first announced by the supermarket giant back in August.
However, the sale still remains subject to regulatory approval from the Competition and Markets Authority (CMA).
The purchase includes 129 retail stores with attached petrol stations, plus three development sites.