The British sports clothing and accessories group JD Sports Fashion announced on Thursday that it had entered into an agreement Courir, Gap… JD Sports’ ogre appetite in France for an enterprise value of 520 million euros, in accordance with a offer made public in May. “Following the approval of the works council” of Courir, JD Sports “has entered into a share purchase agreement in June 2023 to acquire” the company, the British group announced on the occasion of the publication of its first half results.
“This acquisition remains subject to the approval of the competition authorities” concerned, specifies the company, which still plans to finalize the operation in the last quarter of this year or in the first quarter of next year, and “before “announcement of our annual results in 2024”. JD Sports began negotiations in May with Equistone Partners Europe, a London-based private equity firm which owns the majority of Courir’s capital. The sum offered includes 325 million euros in cash and 195 million euros in debt assumption.
“Running will add a new dimension to our portfolio of brands with a stronger customer base and range of women’s products,” JD Sports argued on Thursday, hoping that the group’s other brands will learn “concrete lessons” from the French company.
Also read Running, Gap… The ogre appetite of JD Sports in France
Based in France, Courir “is a leading player in the sports clothing and footwear industry in Europe”, with 313 own-name stores, mainly in France but also in Spain, Belgium, Portugal, the Netherlands, Luxembourg, the British group argued in May. The French group also has 36 franchise stores in West Africa, the Middle East and the French overseas territories.
JD Sports announced on Thursday that it had seen its group share of net profit jump 30% year-on-year to 239.9 million pounds in the delayed first half ending July 29. Its turnover rose 8% to 4.8 billion pounds over the period. Its stock on the London Stock Exchange jumped 7.90% to 143.45 pence around 09:45 GMT.