Last checked at 13 Nov 2020 16:16
JD 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 |
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Peter Cowgill, Executive Chairman | |||||||
Neil Greenhalgh, Chief Financial Officer |
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Jennifer Iveson, Investor Relations
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MHP Communications | Tel: 0203 128 8788 |
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Andrew Jaques |
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Giles Robinson |
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Charles Hirst |
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Catherine Chapman |
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