Beijer Ref AB (publ) is pleased to announce that the UK Competition and Markets Authority (“CMA”) has today unconditionally approved its acquisition of HRP Holdings Limited (“HRP”).
The acquisition of HRP was announced in November 2015 and completed in February 2016. However, the CMA launched an investigation on its own initiative into the merger under United Kingdom merger control laws.
In reaching its decision, the CMA is satisfied that the merger will not substantially lessen competition Beijer Ref can now proceed with its restructuring plans for the HRP business, which has been run separately out of Beijer Ref’s control during the CMA’s investigation. The investigation started on 25 February 2016. HRP will be consolidated during June 2016.
Per Bertland, CEO of Beijer Ref Group, said that ”we were highly confident that the acquisition of HRP would not reduce competition and are satisfied that the CMA has recognised this. My team and I can now get on and develop the HRP, 3D and HRP OEM brands”. He went on to say ”I would like to take this opportunity to thank our suppliers, customers and employees for their understanding and support during this process.”