British sports fashion retailer JD Sports has made a billion-dollar offer to acquire American sports brand Hibbett, with the aim of expanding its presence in the US. The UK’s largest sportswear retailer has entered into a binding agreement to acquire Hibbett for $87.5 (€82) per share in cash, which represents a 21% premium over the US company’s Monday price and values it at nearly $1.1 billion (€1.0 billion).
JD Sports’ CEO Régis Schultz described the acquisition as a transformative step for the company, positioning it as a global leader in the sports fashion industry. The acquisition is expected to 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.
Hibbett chairman Anthony Crudele stated that the transaction with JD Sports will create immediate, certain, and substantial value for Hibbett stockholders. Following the agreement, JD Sports’ total revenues in North America are projected to reach €5.5 billion, with US sales accounting for around 40% of the group’s turnover, up from the current 32%.
JD Sports, which sells brands like Adidas and Nike, employs over 75,000 people and reported a pre-tax profit of £440.9 million (€ 512.03 million) for 2023. This strategic acquisition will further enable JD Sports to meet the dynamic demands of consumers globally and strengthen its position in the competitive sports fashion market.
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