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JD Sports has announced that it has entered into exclusive talks to acquire French retailer Courir in a £452.6m deal.
The company stated it will pay £282.7m for the company through existing cash resources and £169.6m through debt.
In accordance with French law, Courir’s management will now start a consultation process with its employee representative bodies before a binding sale and purchase agreement can be reached.
JD does not expect the deal to be finalised until the second half of 2023 at least as a result of requiring approval from the European Commission.
Régis Schultz, CEO of JD, said: “We said at our recent Capital Markets Event that this was the start of a new, distinct chapter in the growth story of JD. The exciting developments that we are announcing today reflect the strategic priorities that we highlighted on the day.
“We are delighted to announce the proposed acquisition of Courir, a business that is held in high regard in the European sportswear community. We look forward to concluding the contemplated transaction, welcoming the Courir team to the Group and then working with management to fulfil Courir’s global potential.”
He added: Investing in quality complementary concepts whilst furthering the growth of JD itself is a key strategic pillar for the Group and one which we will continue to pursue in the future. Securing greater control over the long-term development of JD and prioritising the development of the JD brand is a key pillar in our growth strategy in Europe.
“It will give us simpler decision making which will allow us to use our assets with more efficiency. At the same time, it will considerably simplify the group operations. We thank our partners for their contribution to the development of JD across Europe and for their constructive engagement.”
Courir is majority owned by Equistone Partners Europe and has 313 stores across six countries.
