JD Sports Fashion Set to Expand in the U.S. with $1.08 Billion Hibbett Inc Acquisition

Benzinga

JD Sports Fashion has proposed to acquire American athletic retailer Hibbett Inc for approximately $1.08 billion. The acquisition comes as shares of athletic apparel companies have declined globally following weak forecasts from Nike and Puma. JD Sports will pay $87.50 per share in cash for Hibbett, representing a 20% premium over its last closing stock price. The deal will extend JD Sports' presence in the U.S. from "coast to coast" through Hibbett's 1,169 stores across 36 states. The combined company would generate around $4.7 billion annually in North American revenues.

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00:00 It's Benzinga and here's what's on the block.

00:02 JD Sports Fashion has proposed to acquire American athletic retailer Hibbett Inc for

00:06 approximately $1.08 billion. The acquisition comes as shares of athletic apparel companies

00:12 have declined globally following weak forecasts from Nike and Puma. JD Sports will pay $87.5 per

00:18 share in cash for Hibbett, representing a 20% premium over its last closing stock price.

00:23 The deal will extend JD Sports' presence in the U.S. from coast to coast through Hibbett's 1,169

00:29 stores across 36 states. The combined company would generate around $4.7 billion annually in

00:35 North American revenues. JD Sports expects at least $25 million in cost savings from the acquisition.

00:41 For all things money, visit Benzinga.com.

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