Competition Commission backs Footgear's plan to buy Edgars footwear brands

The Competition Commission has given the nod to Footgear's proposed purchase of Edcon's Edgars Active and High Key chain stores, saying it recommends the Competition Tribunal should approve the deal without conditions.

In a statement issued on Thursday, it said the proposed deal is unlikely to have any substantial impact on competition in the relevant markets and does not raise any public interest concerns.

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Footgear, in which Old Mutual Private Equity has a majority stake, previously announced it planned to acquire the Edgars Active and High Key assets - some 116 retail stores across the continent - and rebrand them as Footgear outlets. 

According to a Bloomberg report from July 2019, the deal was to be funded from R3.7bn raised by Old Mutual and would help struggling Edcon to restructure debt. It was subject to regulatory approvals.