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Competition watchdog probes JD Sports' takeover of Footasylum

Published: 09:48 24 Jul 2019 BST

footasylum
FTSE 100-listed JD Sports declared its £90mln offer unconditional in April

JD Sports Fashion PLC’s (LON:JD.) completed takeover of fellow sportswear chain Footasylum will be subject to an investigation by the UK competition watchdog.

The Competition and Markets Authority (CMA) confirmed on Wednesday that it has launched a merger enquiry.

READ: JD Sports to buy struggling rival Footasylum for up to £90.1mln

FTSE 100-listed JD Sports declared its £90mln offer unconditional in April and by May had bought up almost all the shares.

Having been considering since July whether the transaction has resulted or may result in a substantial lessening of competition, the CMA said it has decided that the deal “meets the requirements” of the Enterprise Act.

The initial period of the probe will begin on Thursday, with 19 September the deadline for the CMA to announce its decision whether to refer the deal for a full Phase 2 investigation.

JD boss Peter Cowgill described Footasylum, which operates a store estate of 69 stores, as “very complementary to our existing businesses in the UK”.

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