JD Sports Fashion Plc plans to acquire the remaining 49.98 percent shares in Iberian Sports Retail Group (ISRG) from Balaiko Firaja Invest and Sonae Holdings for a cash consideration of 500.1 million euros.
Upon completion of the transaction, the group will own 100 percent of ISRG.
Commenting on the development, Régis Schultz, CEO of JD Sports, said: “At our capital markets event earlier in the year, we emphasised the benefit of having strong complementary concepts to support our ‘JD first’ global growth strategy. ISRG is a highly successful business and one of the leading players in sports retail in Iberia. By bringing the two businesses closer together, there is significant potential for accelerating growth.”
The company said in a statement that ISRG 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. ISRG also has a 98 percent holding in the Deporvillage online business and a 50.1 percent holding in the Bodytone fitness equipment business.
“We believe that there are opportunities to continue to develop Sprinter and Sport Zone and that the ISRG team in Iberia also have an important part to play in the further development of the JD fascia in Iberia and beyond,” the company added.