The Co-operative Group has followed its conversion to an alternative business structure (ABS) with a transformative £750m acquisition of 632 Lloyds TSB and Cheltenham & Gloucester bank branches.

The Co-op, which instructed magic circle firm Clifford Chance (CC) on the acquisition last year, will pay £350m upfront and an additional £400m based on the performance of the combined business.

CC, which has a longstanding corporate relationship with the bank, fielded a team under London corporate partners Hilary Evenett, Mark Poulton and Andre Duminy. London antitrust head Alex Nourry is the firm's Co-op relationship partner.