The business will be sold to German asset management firm Aurelius for £37.5m - a substantial loss on the £90m JD Sports paid for it three years ago
The UK's largest sportswear retailer JD Sports Fashion is to sell its Footasylum chain following a long battle with the country's competition watchdog.
The business will be sold to German asset management firm Aurelius for £37.5m - a substantial loss on the £90m JD Sports paid for it three years ago.the two parties were in exclusive talks over the saleJD Sports was forced to sell Footasylum after its takeover of the chain was blocked by the Competition and Markets Authority.
The regulator had ruled last November that the merger could lead to less choice and a"worse deal" for shoppers,.for sharing commercially sensitive information despite an order not to do so. JD Sports boss Peter Cowgill had met his Footasylum counterpart in a Bury car park to exchange information, according to a video seen by The Sunday Times.
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