CNMC detects competition risks in Decathlon's acquisition of Intersport assets

Madrid – Decathlon’s acquisition of specific Intersport assets in Spain has encountered a significant regulatory hurdle. The Spanish antitrust authority, Comisión Nacional de los Mercados y la Competencia (CNMC), has escalated the transaction to a "second phase" analysis.

This move, triggered by potential competition risks identified during a preliminary review, does not yet signal a prohibition of the deal, but it indicates that the regulator requires a deeper investigation into how the purchase might stifle market competition.

Decathlon's bid for Intersport assets in question

The deal follows a period of financial instability for Intersport’s Spanish subsidiary, which filed for creditor protection in March 2025 due to insolvency. By July of that year, the companies—Intersport, Intersport CCS, and Intersport Retail One—entered liquidation. The court subsequently consolidated their assets into two main units: a Central Purchasing Office and a retail network of 34 stores.

While Intersport France secured the purchasing office with a 300,000 euros bid, the retail stores were put up for an out-of-court bidding war. To encourage buyers, the court eventually allowed these units to be "unbundled" to individualize assets with their own operational viability.

Decathlon entered the bidding process following these relaxed rules, notifying the CNMC of its intent on December 31, 2025.

CNMC conduct an in-depth study before making a final ruling

Although rumors circulated that the French giant intended to buy Intersport’s entire Spanish operation, sources close to the company clarified that they are only pursuing strategic assets to strengthen their existing commercial network. This focus has largely landed on Intersport’s high-performing stores in the Canary Islands, particularly in Tenerife. This regional network outperformed mainland stores significantly between 2022 and 2024, generating 39.6 million euros in revenue with healthy margins between 41 percent and 43 percent.

The CNMC’s decision to move to a second-phase study on March 30, 2026, stems specifically from concerns regarding the sporting goods market on the island of Tenerife. The regulator warned that the acquisition could create a "high concentration" in the sale of technical equipment and footwear, potentially reducing competitive pressure. According to the CNMC, the deal could lead to "reduced offer and variety of sports products—especially from third-party brands," as well as lower service quality and limited access for new competitors.

Decathlon has already offered commitments to mitigate these risks, but the CNMC deemed them "insufficient." The regulator will now conduct an in-depth study, allowing for third-party arguments before issuing a final ruling that could authorize, condition, or block the transaction entirely.

This article was translated to English using an AI tool.

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