JD Sports has announced the proposed acquisition of Hibbett Inc. for £899m. Hibbett Inc. is a US sportswear and fashion retailer with 1,169 stores in 36 states.
Régis Schultz, CEO of JD Sports Fashion Plc, said, “We are delighted to announce the proposed acquisition of Hibbett. This acquisition aligns with our strategic priorities and is a very important transaction for our strategic and financial development.
Strategically, it enhances our presence within North America and achieves our objective of strengthening our Complementary Concepts division. Hibbett’s footprint is highly complementary, adding a stronger presence in communities across the southeastern US, where we currently have a limited presence. It will also provide a stronger platform for the rollout of the JD fascia in the US.
Financially, it accelerates our growth plans within the US and is expected to be earnings accretive from year one and before potential synergies are taken into account. It will also strengthen further our key brand partner relationships in the largest sportswear market in the world. Hibbett has a strong and experienced management team who we look forward to working with on this transaction and beyond as we welcome Hibbett into our family of North American retail fascias.”
The Transaction is expected to be completed in H2 2024.
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