JD Sports, the U.K. retailer that owns Finish Line and Shoe Palace in the U.S., confirmed on Tuesday that it was exploring additional funding to support growth.
The firm in a filing stated, “The Board confirms it is exploring additional funding options with a view to increasing its flexibility to invest in future strategic opportunities and that this may involve a non-pre-emptive equity placing.”
The announcement comes a day after Sky News reported JD Sports Fashion was in talks about a £400 million ($545.56 million) share sale and was considering to launch the placement as early as this week.
In December, JD bought Shoe Palace for $325 million in cash following the deal to buy the Finish Line in 2018. In 2019, JD acquired U.K. rival Footaslyum early in 2019. JD also reportedly recently explored acquiring U.K.-based Debenhams but walked away. The company also reportedly is involved in talks with Authentic Brands on a potential bid for Topshop.
Photo courtesy Finish Line