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JD Sports Fashion PLC on Monday said it has struck a £37.5 million deal to sell Footasylum Ltd to a German private equity investor, putting an end to the takeover saga.
The athleisure retailer 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.
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.
On Monday, JD Sports said it has exchanged contracts to sell Footasylum to German private equity investor Aurelius Group.
‘JD has cooperated with the CMA throughout the divestment process, including ensuring that the purchaser was acceptable to the CMA and met certain key criteria set out within the final undertakings,’ JD Sports added.
The deal is expected to be complete in the coming weeks.
JD Interim Chief Executive Officer Kath Smith said: ‘I would like to sincerely thank the teams at Aurelius and Footasylum who worked collaboratively with the CMA to agree this transaction.’
JD Sports shares were up 0.4% to 130.00 pence each in London on Monday morning.
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