Competition authority is examining Decathlon’s planned takeover of Intersport assets in more detail

The planned takeover of selected assets of the insolvent Intersport companies in Spain by the French sporting goods retailer Decathlon is being examined more intensively. The Spanish competition authority Comisión Nacional de los Mercados y la Competencia (CNMC) has initiated a second phase of the merger control procedure.

The decision does not constitute an approval or a prohibition of the transaction. However, it follows an initial review in which the authority identified possible risks to competition.

Background: bankruptcy and division of assets

On March 3, 2025, the legal representatives of Intersport’s Spanish subsidiary applied for joint insolvency proceedings at the Commercial Court in Barcelona. The companies affected were Intersport, Intersport CCS and Intersport Retail One. The reason they cited was that insolvency had already occurred or was impending.

At the end of July 2025, the court initiated the liquidation phase. In a decision dated September 25, it was decided to divide the assets of the three companies into two main areas: a purchasing center and the group’s branch network in Spain.

The French Intersport subsidiary submitted a binding offer for the purchasing center. This provided for the acquisition of trademark rights, license agreements and shares in the parent company. The total value of the transaction was 300,000 euros and also included the acquisition of 20 employment contracts.

At the same time, the insolvency administration, led by the law firm RCD Concursal, organized a bidding process for additional assets, including a network of 34 of its own branches. The assets were initially divided into 14 packages. Minimum prices and conditions for taking on employees were set. In December 2025, the court relaxed these rules and, under certain conditions, allowed individual branches to be removed from the packages.

Decathlon is interested in strategic assets

Decathlon also participated in the process and informed the CNMC of a planned transaction on December 31, 2025. Media reports initially speculated that Decathlon could take over Intersport’s entire Spanish business. Sources close to the company denied this and explained that it was simply a matter of acquiring selected strategic assets to strengthen its own distribution network.

There appears to be particular interest in branches on the Canary Islands. Before the liquidation, Intersport operated 17 of its own stores there, 15 of which were in Tenerife. This network achieved sales of 39.6 million euros between 2022 and 2024, with average margins of over 40 percent, making it considered the most profitable part of the Spanish business.

Competition concerns in Tenerife

However, after the initial review, the CNMC concluded that the proposed transaction could have a significant impact on competition in Tenerife. The authority sees already high market concentration, particularly in the market for technical sports equipment, clothing and shoes.

According to CNMC’s assessment, the acquisition could reduce competitive pressures due, among other things, to high barriers to entry and limited availability of attractive retail locations. Possible consequences would be a smaller product range, less variety of third-party brands, lower service quality or a decline in incentives for innovation in stationary retail.

Although Decathlon had submitted commitments to reduce these risks, these were assessed by the authority as inadequate. The procedure was therefore transferred to an in-depth second test phase.

Further investigation is ongoing

At this stage, the CNMC may obtain additional information from market participants. Decathlon and other parties also have the opportunity to submit comments.

At the end of the procedure, the authority can approve the transaction, set requirements or conditions – or prohibit it. A final decision is still pending.