Dollarama has completed a $233-million acquisition of The Reject Shop, Australia’s largest discount retailer, following shareholder, regulatory and court approvals.

Montreal-based Dollarama previously announced the deal.

Based in Melbourne, The Reject Shop operates more than 390 stores across every Australian state. The deal marks Dollarama’s first entry into the Australian market, expanding on its international growth strategy, which already includes a growing presence in Latin America through subsidiary Dollarcity.

“We are pleased to officially welcome the TRS team to Dollarama,” said Neil Rossy, president and CEO of Dollarama. “Expanding our international reach supports our long-term growth strategy, and we are thrilled to be embarking on this exciting new chapter with TRS’s local leaders and more than 5,000 employees.

“By working together and applying Dollarama’s strengths in sourcing, merchandising and retail operations, we are well-positioned to deliver compelling value to Australian consumers and to drive the expansion of our new Australian growth platform over the long term.”

The deal was completed through what is known as an Australian scheme of arrangement.

Photo: The Reject Shop