Spain’s National Commission on Markets and Competition (CNMC) has decided to open an in-depth investigation into Decathlon’s proposed acquisition of several assets belonging to Intersport, which is currently undergoing liquidation. The authority announced on 30 March 2026 that the transaction will proceed to a second-phase merger review following concerns identified during the initial assessment.
The transaction involves Decathlon acquiring exclusive control over a number of Intersport assets and primarily affects the retail market for sporting goods on the island of Tenerife. Decathlon formally notified the operation to the CNMC on 31 December 2025.
During the first phase of its review, the CNMC identified potential competition risks associated with the concentration. According to the authority’s preliminary analysis, the transaction could significantly increase market concentration in the retail sale of sporting goods, particularly in the segment covering technical sports equipment, apparel and footwear.
The CNMC’s initial findings suggest that the acquisition could weaken competitive pressure in the affected market. The authority pointed to structural barriers to entry that may limit the ability of new competitors to enter the market effectively. In particular, it highlighted the difficulty faced by potential entrants in securing attractive physical retail locations suitable for operating sporting goods stores.
In the authority’s view, these conditions could lead to several potential negative effects on competition and consumers. These include a reduction in the variety and availability of sports products—especially those produced by third-party brands—as well as a possible decline in service quality and the level of product specialization offered in stores. The CNMC also indicated that the transaction could result in reduced geographic coverage of sporting goods retailers and weaker incentives for innovation within retail outlets.
During the initial review, the notifying party submitted commitments intended to address the competition concerns identified by the authority. However, the CNMC concluded that the proposed remedies were insufficient to adequately resolve the potential issues raised by the transaction.
The opening of a second-phase investigation allows the CNMC to conduct a more detailed assessment of the merger’s competitive effects. As part of this process, the authority may request additional information from the parties involved as well as from other market participants. Both the notifying company and interested third parties will have the opportunity to submit observations during the investigation.
The CNMC emphasized that the decision to move the case to a second phase does not prejudge the final outcome of the review. Following the in-depth investigation, the authority may approve the transaction unconditionally, approve it subject to commitments or conditions, or ultimately prohibit the merger if competition concerns cannot be resolved.
