Bury-based JD Sports Fashion said it received unconditional clearance from the European Commission for the combination of its existing interests across Iberia with those of Sport Zone in Portugal, Spain and Canary Islands.

Shares of JD Sports Fashion edged up about 4p to around 370p to give the firm a current stock market value of roughly £3.5 billion.

“Other conditions to the transaction have also now been satisfied and so JD formally completed its acquisition of Sport Zone on 31 January 2018,” said JD Sports Fashion.

“All the terms of the transaction remain as outlined in the announcement made on 14 September 2017.”

JD Sports Fashion executive chairman Peter Cowgill said: “We are delighted that this transaction, which gives us a significantly enhanced presence across Iberia, has now formally completed.

“The financial benefit derived from Sport Zone will depend on how quickly we can deal with the store portfolio, rejuvenate the offer and realise the necessary cost reductions and synergies.

“We therefore do not anticipate that the acquisition will be immediately earnings enhancing.

“However, we remain firm in our belief that, utilising the skills of the very experienced and knowledgeable management team at Sport Zone and our own expertise, there are significant opportunities to improve operational efficiencies and profitability over the longer term across the enlarged Iberian business.”