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Athletic apparel retailer JD Sports Fashion PLC is in exclusive talks with a private equity investor for the sale of Footasylum, Sky News reported late on Wednesday.
JD is in negotiations with Aurelius Group over the sale of Footasylum, but the terms and timetable are ‘unclear’, according to Sky News.
https://news.sky.com/story/jd-sports-bows-to-cma-order-over-footasylum-with-aurelius-talks-12655762
JD Sports purchased Footasylum back in March 2019 for £90.1 million, and has since been the subject of investigations and orders related to the deal from the UK Competition & Markets Authority.
In November last year, the CMA ordered JD Sports to sell the footwear seller to address concerns about competition and to protect consumers.
According to Sky's source ‘close to one of the losing bidders for Footasylum’, JD's status as a ‘forced seller’ resulting from the CMA order has reduced the price for which it had hoped to sell Footasylum.
In February, JD Sports and Footasylum were fined nearly £4.7 million for collective breaches of an interim order issued by CMA during an in-depth phase two merger investigation.
Shares in JD closed up 1.1% to 139.04 pence on Wednesday in London.
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