Sainsbury's Argos takeover is go!
The Competition and Markets Authority (CMA) have given the green light for Sainsbury's to takeover Argos, for a whopping £1.4 billion.
The CMA decided not to bother referring this move for further investigation, and now the supermarket will be able to press on with their purchase of Argos owner, the Home Retail Group.
Sainsbury's think the acquisition will be complete at some point in September, provided there's an approval by the City watchdog and the Home Retail Group shareholders.
We'll find out their thoughts next week.
The decision the CMA needed to make, was whether or not this takeover would result in a "substantial lessening of competition", but they've clearly decided that this won't be the case.
This means Sainsbury's will now have a massive non-food operation at their disposal too, putting them in direct competition with Amazon and the like.
There's going to be some rejigging of stores as well, with some closures and Argos appearing in some of the Sainsbury's supermarkets.
TOPICS: High Street News