The competition watchdog approved the deal for 147 stores, after requiring Asda to sell another 47 outlets from the Danish discounter’s UK estate.
The retailer said it also plans to open seven new Asda Superstores, four new Asda Livings, 10 new Asda Supermarkets and five extensions to existing stores.
Asda signed a deal last week to buy six stores from Focus DIY, which will be converted into supermarkets subject to approvals and local planning consents.
Combined with the £100m fit-out programme of former Netto stores, the expansion will make 2011 the largest year of growth in the supermarket’s history.
The acquisition allows Asda to widen its horizon from large out-of-town supermarkets to smaller town centre stores.
Asda said the Netto stores, which are mainly in the north of England and the Midlands, have an average size of 8,000sq ft, whereas its typical store size is 38,000sq ft.