US private equity firm Clayton, Dubilier & Rice’s £7 billion takeover of Bradford-based supermarket giant Morrisons has cleared its final regulatory hurdle.
The UK’s Competition and Markets Authority (CMA) formally accepted CD&R’s offer to sell 87 petrol stations to address concerns over higher fuel prices.
Morrisons CEO David Potts said: “I am pleased the acquisition has cleared the final regulatory hurdle and we can now work closely with CD&R on the path ahead.
“Following hard on the heels of Covid, the cost of living crisis is another critical period for food retailers in the UK and there is important work ahead of us as we look to help customers and colleagues through these difficult economic times.”
Terry Leahy, senior adviser to CD&R funds, said: “We welcome today’s announcement and the CMA’s thoughtful engagement throughout the process.
“We are delighted to be supporting Morrisons on the next stage of their journey and to working closely with the team to grow the business and provide quality, value, service and choice – shopping trip attributes that have long been the company’s tradition.”