By Emily Hawkins
Trainer seller JD Sports has inked a deal to hand over Footasylum to Aurelius Group for £37.5m, following competition concerns.
In recent weeks, JD Sports had been rumoured to be in talks with the German private equity group about selling the high street brand, which it attempted to takeover in 2019.
JD said the sale was “anticipated to complete in the coming weeks with no conditionality,” in an update on the London Stock Exchange on Monday morning.
The London-listed footwear seller had made a £90m bid for the smaller firm but in autumn 2021 the Competition and Markets Authority (CMA) demanded JD Sports sell Footasylum.
The CMA had argued the takeover could slash competition and result in a worse deal for Footasylum customers.
At the time, former chair Peter Cowgill dubbed the decision “inexplicable”.
“I would like to sincerely thank the teams at AURELIUS and Footasylum who worked collaboratively with the CMA to agree this transaction,” Kath Smith, interim CEO of JD, said on Monday.
“We wish both parties every success for the future,” she added.
More to follow…
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