JD Sports to sell Footasylum to Aurelius Group
JD Sports has exchanged contracts to sell Footasylum and its associated subsidiaries to Aurelius Group in a £37.5 million deal.
The move follows a ruling by the Competition and Markets Authority that JD should offload Footasylum, which it purchased in 2019, as the combination of the two companies would lead to a worse deal for consumers.
In statement this morning, JD Sports said its had co-operated with the CMA throughout the divestment process, including ensuring that the purchaser was acceptable to the CMA and met certain key criteria. The sale is expected to complete in the coming weeks with no conditionality.
Kath Smith, Interim chief executive of JD Sports, said: “I would like to sincerely thank the teams at Aurelius and Footasylum who worked collaboratively with the CMA to agree this transaction. We wish both parties every success for the future.”
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