The Co-op has formally completed its £137.5m acquisition of symbol group Nisa.
The convenience specialist said the deal would bring “enhanced buying capability” that would translate into “competitive prices and promotions” and “access to a deeper range” of products for Nisa retailers.
The Co-op will pay up to £137.5m for the entire Nisa shareholding plus associated deal costs of up to £5.5m.
Completion of the deal comes just days after it was sanctioned by the court and two weeks after the Competition and Markets Authority gave the acquisition the green light.
Following completion of the deal, the Co-op revealed that former Tesco executive Ken Towle will take the reins of the Nisa business with immediate effect.
He succeeds Arnau Misra, who took the helm on an interim basis in the wake of former boss Nick Read’s departure.
The Co-op said Misra would remain in the businesses “for a transition period to ensure a smooth handover” to the new leadership team.
Co-op Retail boss Jo Whitfield said: “This is exciting news. Co-op and Nisa have all the ingredients for a successful partnership which will include the offer of award-winning Co-op own-brand products.
“It will give Nisa Partners a wholesale operation of scale, allowing them the flexibility to trade their businesses in the way they choose, while benefiting from competitive prices and promotions on an industry-leading own brand.
“Our strategy is to get our award-winning own-brand product closer to communities and our new business will create an exciting product offer for Nisa Partners to engage their shoppers with across the UK.”