Britain’s competition regulator has formally cleared single price retailer Poundland’s proposed £55 million acquisition of smaller rival 99p Stores.

The Competition and Markets Authority (CMA) said on Friday it concluded that the merger may not be expected to result in a substantial lessening of competition. It said customers would not face a reduction in choice, value or quality of service as a result of the merger. The CMA’s ruling confirms its provisional findings published in August.

Welcoming the decision Poundland, which operates the Dealz chain in Ireland, said it would move to complete the acquisition by the end of September. It said further information on its plans for 99p Stores will be given when it publishes interim results on November 19th.

Poundland first made its move on privately-owned 99p Stores in February. The purchase will add about 250 stores to Poundland’s existing 588 stores in the UK and Ireland. Shares in Poundland, which listed at 300 pence last year, closed Thursday at 318 pence, valuing the business at £790 million pounds.

Reuters