The UK’s largest sportswear retailer, JD Sports, has announced a billion-dollar bid to acquire American sports brand Hibbett. This acquisition is part of JD Sports’ plan to expand its presence in the US and solidify its position as a global leader in the sports fashion industry. The UK-based retailer has entered into a binding agreement to fully acquire Hibbett for $87.5 (€82) per share in cash, representing a 21% premium over the US company’s Monday price and valuing it at just under $1.1 billion (€1.0 billion).
JD Sports CEO Régis Schultz expressed his excitement about the transaction in a statement, highlighting how the complementary footprint of Hibbett aligns with the company’s strategic growth plans. The deal will be financed using $300 million (€280.5 million) from JD Sports’ US cash reserves and a $1 billion (€940 million) extension of its current bank facilities.
Following the acquisition, JD Sports’ total revenues in North America are projected to reach €5.5 billion, with US sales contributing approximately 40% of the group’s turnover, up from the current 32%. JD Sports is known for selling popular brands like Adidas and Nike and employs over 75,000 people. The pre-tax profit for 2023 was reported to be £440.9 million (€ 512.03 million). The deal with Hibbett represents a transformative step for JD Sports as it further solidifies its position in the industry.
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