MADRID, 7 Jul. (EUROPA PRESS) -
JD Sports Fashion, the largest British sportswear retailer, has communicated its intention to acquire 49.98% of the shares of Iberian Sports Retail Group (ISRG), currently held by Balaiko Firaja Invest and Sonae Holdings, for consideration. total cash of 500.1 million euros and expects to close the operation in October 2023.
The transaction, which will be financed from the British group's available cash resources, will allow JD Sports Fashion to acquire 100% ownership of ISRG, which manages 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.
In addition, ISRG also has a 98% stake in the Deporvillage online business and a 50.1% stake in the Bodytone fitness equipment business.
In the last financial year, which ended on January 31, ISRG achieved consolidated income of 1,239.3 million euros, while the consolidated profit before taxes was 96.6 million.
As Sonae Holdings and Balaiko Firaja Invest are shareholders of ISRG with 29.99% and 19.99% respectively, each of the minority parties is considered a related party of the company for the purposes of the listing rules.
The operation has the support of the board of the company, which intends to recommend to the shareholders that they vote in favor of it at the general meeting that will be called in due time and that is expected to be held next September.
"ISRG is a highly successful company and one of the leaders in sports retail in Iberia. By bringing the two businesses together, there is significant potential to accelerate growth," said Régis Schultz, CEO of JD Sports Fashion.