People walk past a JD Sports store in London, Great Britain, April 11, 2017. REUTERS/Neil Hall/File Photo
Aug 1 (Reuters) – Britain’s biggest sportswear retailer JD Sports Fashion (JD.L) will sell Footasylum to German asset manager Aurelius Group for a business value of around 45 million euros ( $46 million), the companies said Monday.
Last year, Britain’s competition regulator ordered JD Sports to sell Footasylum after finding the combination could lead to a “worst deal” for consumers. see More information
JD Sports, which sells brands like Nike (NKE.N), Adidas (ADSGn.DE) and Puma (PUMG.DE) in its brick and mortar stores and online, bought Footasylum in 2019 for £86 million ($102,000). 9 million) in their quest to dominate the sportswear market.
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Sky News was the first to report in July that JD was in exclusive talks to sell Footasylum to Aurelius.
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Reporting by Radhika Anilkumar in Bangalore; Editing by Shounak Dasgupta
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