Britain's competition watchdog refers JD Sports' Footasylum deal to in-depth investigation

Britain's competition watchdog on Tuesday said it has referred JD Sports Fashion's acquisition of smaller rival Footasylum to an in-depth investigation, as it believes the completed deal may stem market competition.

The Competition and Markets Authority (CMA) said JD Sports, Britain's biggest sportswear retailer, had failed to address its initial concerns that the takeover could be bad for shoppers.

"This transaction will not result in any price increases or a reduction in product ranges or service quality," JD Sports Chairman Peter Cowgill said.