JD Sports Fashion, PLC, the parent of the JD, Finish Line, DTLR, and Shoe Palace retail brands in the U.S. and others worldwide, completed the acquisition of all shares of Iberian Sports Retail Group, SL (ISRG), a subsidiary of JD Sports and the second largest retailer in the Iberian Peninsular, that it did not previously own.
Effective October 10, JD acquired 49.98 percent of shares of ISRG from Balaiko Firaja Invest, S.L. and Sonae Holdings, S.A. for cash consideration of €500.1 million ($531.2 million) funded from JD’s available cash resources.
JD Shareholders approved the transaction in a general meeting held on October 9. JD first announced its intention to acquire the shares in May, and JD reiterated its intent in July.
JD Sports Fashion PLC is now the 100 percent owner of ISRG.
ISRG operates over 460 stores in Europe, including JD stores in Iberia, Sprinter in Spain, Sport Zone in Portugal, and Aktiesport and Perry Sport in the Netherlands. ISRG also has a 98 percent holding in the Deporvillage online business and a 50.1 percent holding in the Bodytone fitness equipment business.
In July, JD said it believed there were opportunities to continue developing Sprinter and Sport Zone and that the ISRG team in Iberia also has a vital role in further developing the J.D. retail brand in Iberia and beyond.
For more SGB Media reporting on the transaction, go here.
Photo courtesy of Mall of America
