JD Sports off and running in US market with billion-dollar offer for major US competitor

JD Sports off and running in US market with billion-dollar offer for major US competitor

Apr 23,2024
British sports fashion retailer JD Sports has put in a billion-dollar bid to buy American sports brand Hibbett, as the UK's largest sportswear retailer aims to expand its presence within the US.
ADVERTISEMENT

JD Sports says it has entered a binding agreement to fully acquire Hibbett for $87.5 (€82) per share in cash, offering a 21% premium over the US company's Monday price and valuing it at just under $1.1 billion (€1.0 billion).

"Today is a significant milestone for JD Sports as we take this transformative step as a global leader in the sports fashion industry through this transaction with Hibbett," JD Sports' chief executive officer Régis Schultz said in a statement. 

"With Hibbett's highly complementary footprint, this transaction represents a logical next step in our strategic growth plans, further enabling us to meet the dynamic demands of consumers globally."

The company plans to finance the deal and refinance Hibbett's existing debt using $300 million (€280.5 million) from its US cash reserves and a $1 billion (€940 million) extension of its current bank facilities, as reported by Forbes. 

"The transaction with JD Sports will create immediate, certain and substantial value for Hibbett stockholders," Hibbett chairman Anthony Crudele said in a statement. 

The British brand stated that, after the agreement, its total revenues in North America would reach €5.5 billion, with US sales making up approximately 40% of the group's turnover, an increase from the current 32%, as reported by news agency Reuters.

JD which sells, Adidas, Nike and other major sports brands, employs more than 75,000 people. It reported a pre-tax profit of £440.9 million (€ 512.03 million) for 2023.

Maybe You Like

Eni looks to draw investors with clean division between projects

The aim of the move is to attract more investment by allowing both fossil fuel and renewable energy investors to invest solely in their preferred projects, without any crossover of funds. ADVERTISEMENTItalian energy giant Eni is considering...

Uzbekistan’s Investment Surge: Reforms Drive Major International Interest

In recent years, Uzbekistan has experienced a surge in foreign investment, driven by extensive government reforms initiated in 2017. The 3rd Tashkent International Investment Forum showcased the country's appeal to investors,...

For US renters, the chance of owning a home is going from bad to worse

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN —...

Latest Added Hyip programs

everest-capital.top (everest-capital.top)
Added: May 24,2024
(24)
ovm-trade.cfd (ovm-trade.cfd)
Added: May 24,2024
(26)
nftonbulls.com (nftonbulls.com)
Added: May 23,2024
(30)
viphour.cfd (viphour.cfd)
Added: May 23,2024
(87)
Etradex Ltd (etradex.online)
Added: May 23,2024
(114)
eco-mine.net (eco-mine.net)
Added: May 22,2024
(113)
Arbitsec (arbtsc.com)
Added: May 22,2024
(99)
Best Magic (best-magic.sbs)
Added: May 21,2024
(121)