JD Sports is to pay €500 million to acquire the remaining 49.98% shares in Iberian Sports Retail Group as part of its expansion plans.
The purchase from Balaiko Firaja Invest and Sonae Holdings will be funded from the group’s existing available cash resources.
The move will give JD 100% ownership of the business.
Iberian Sports Retail currently operates more than 460 stores across Europe including JD in Iberia, Sprinter in Spain, Sport Zone in Portugal and Aktiesport and Perry Sport in the Netherlands. The company also has a 98% holding in the Deporvillage online business and a 50.1% holding in the Bodytone fitness equipment business.
In a statement, JD Sports said it believes there are opportunities to develop Sprinter and Sport Zone and that Iberian Sports Retail will play an important part in the development of the JD fascia in Iberia.
