CMA to investigate JD Sports takeover of Footasylum
The Competition and Markets Authority said on Wednesday that it has launched an investigation into JD Sports' takeover of Footasylum.
Footasylum
81.50p
16:35 15/05/19
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4,597.92
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JD Sports Fashion
117.65p
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The watchdog has notified the companies that it has launched a full merger inquiry, having said previously that it was considering whether there were grounds to investigate.
The CMA will decide by 19 September whether to refer the merger for a more in-depth, phase 2 investigation.
JD Sports agreed back in March to buy footwear retailer Footasylum for £90.1m in cash, or 82.5p per share.
JD said at the time that it saw strategic opportunity from adding Footasylum's "strong reputation for lifestyle fashion" and "slightly older" customer base than the younger teenagers who usually shop at its stores.