High Street

Sports Direct pips JD Sports, acquires 20% stake in Finish Line

Sports Direct has acquired almost 8 million shares in US sports retailer Finish Line – the company set to be bought by its rival JD Sports.

In a ‘Strategic US Investments’ update the company owned by billionaire Mike Ashley revealed it currently holds 7,957,800 shares in Finish Line, representing 19.3% of the issued common stock of that company.

Around 3,632,000 shares are owned directly. An economic interest in a further 4,325,800 shares is held through contracts for difference with third parties.

As a result Sports Direct is set to make £78.5m from the holdings when its rival JD Sports completes its £396m deal to acquire Finish Line.

The deal which was announced at the end of March will see JD sports acquire 100% of the issued share capital of Finish Line at £9.53 per share, breaking into the US market with Finish Lines 556 stores.

In the update Sports Direct also revealed it had purchased 5,664,115 shares in Iconix Brand Group, representing 8.9% of the issued common stock of that company. This investment is held through third parties.

Back to top button

Please disable your ad-blocker to continue

Ads are the primary way in which publishers generate the revenue needed to pay their staff. If we can't serve ads, we can't pay journalists to write the news.