UK Competition and Markets Authority (CMA) has cleared Breedon to acquire Hope Construction Materials following its acceptance of Breedon’s undertakings in lieu of a reference to a Phase 2 investigation in respect of its proposed acquisition of Hope. Breedon had proposed undertakings to the CMA to divest 14 readymix sites to an up-front buyer approved by the CMA.
Following the clearance, Breedon now expects the acquisition to complete on 1 August 2016.
Commenting on the announcement Breedon’s Chairman, Peter Tom CBE, said: “The way is now clear for Hope to join us and create the UK’s largest independent construction materials group. It will give us a stronger platform for growth, with a broader geographical footprint, increased scale, an improved product mix, greater financial capacity and a team of highly talented people.
“We have built our reputation on our service, delivered locally, promptly and to the highest quality standards. We look forward to working with our new colleagues to deliver an even better and more comprehensive service to our customers in the years ahead.”
