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CMA holds firm on JD Sports-Footasylum acquisition despite coronavirus crisis
The Competition and Markets Authority (CMA) is set to maintain its stance on JD Sports’ acquisition of Footasylum despite the damaging impact coronavirus has had on the latter’s finances.
Retail Week understands the watchdog has shown no intention of reversing its provisional findings into the deal, despite representatives of JD Sports and Footasylum making what amounts to a ‘failing firm’ claim due to lost revenues as a result of the coronavirus lockdown.
The CMA effectively blocked the £90m acquisition in February, saying that it could force JD Sports to sell the Footasylum business amid competition concerns.
However, the CMA last week reneged on its reservations into Amazon’s purchase of a minority stake in Deliveroo, amid fears that the online food delivery platform would go bust without the cash injection.
It sparked hope that the CMA could relax its hardline stance on other retail M&A activity. Earlier today, the watchdog updated its merger assessments criteria and its position on deals involving “failing firms” during the coronavirus pandemic.
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