REG - JD Sports Fashion - Update on CAT review of Footasylum Acquisition
RNS Number : 3283FJD Sports Fashion Plc13 November 2020JD Sports Fashion Plc
Update on Competition Appeal Tribunal review of Footasylum Acquisition
JD Sports Fashion Plc (the "Group") today confirms that the Competition Appeal Tribunal has quashed the Competition and Markets Authority's ("CMA") decision to prohibit the Group's acquisition of Footasylum Limited ("Footasylum").
As a result, the case will now be remitted to the CMA for full reconsideration and the CMA's previous order, which would have forced the Group to divest the Footasylum business, will be cancelled.
Peter Cowgill, Executive Chairman of JD Sports Fashion Plc, commented:
"We have always maintained that this merger would provide significant long-term benefits to customers, colleagues and brand partners, and so we are very pleased with the Competition Appeal Tribunal's judgment today.
"The entire case will now go back to the CMA for re-consideration and we look forward to presenting further evidence which demonstrates the true extent to which the competitive landscape has evolved, in particular as a result of the unprecedented challenges caused by the COVID-19 pandemic."
Enquiries:
JD Sports Fashion Plc
Tel: 0161 767 1775
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
Jennifer Iveson, Investor Relations
MHP Communications
Tel: 0203 128 8788
Andrew Jaques
Giles Robinson
Charles Hirst
Catherine Chapman
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