28th Jun 2022 16:14
(Correcting the headline and opening paragraph to clarify the CMA has accepted CVS Group's undertakings to sell Quality Pet Care in response to competition concerns.)
(Alliance News) - The UK Competition & Markets Authority on Monday said it will not progress a probe into CVS Group PLC's purchase of Quality Pet Care Ltd after the London-listed firm agreed to offload the business in question, in response to competition concerns raised by the CMA.
In August 2021, Norfolk-based veterinary services firm CVS announced its acquisition of Quality Pet Care, which trades as The Vet, for GBP20.4 million.
However, in September, the CMA opened an investigation into the deal, and in February had judged that the acquisition would reduce competition in Bristol, Nottingham, Portsmouth, Southampton and Warrington. It said it would refer the deal for an in-depth investigation unless CVS offered acceptable remedies for the regulator's concerns.
In response, CVS offered the divest the entire The Vet business - a solution the CMA on Monday said it had accepted.
As a result, the UK watchdog will not refer the deal to a phase two investigation.
Shares in CVS Group were down 0.2% at 1,703.00 pence in London on Tuesday.
By Dayo Laniyan; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
CVS Group