JD Sports to acquire remaining shares of ISRG for €500m
Iberian Sports Retail Group currently operates more than 460 stores across Europe in Spain, Portugal and the Netherlands
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JD Sports has announced its intention to acquire the remaining 49.98% shares in Iberian Sports Retail Group (ISRG) that are currently held by Balaiko Firaja Invest and Sonae Holdings for a total of €500.1m (£427.1m).
The acquisition will be funded from the group’s existing available cash resources, and upon completion, JD Sports will own 100% of ISRG.
JD Sports’ intent to acquire ISRG comes as it currently operates more than 460 stores across Europe including JD in Iberia, Sprinter in Spain, Sport Zone in Portugal and Aktiesport and Perry Short in the Netherlands.
ISRG also has a 98% holding in the Deporvillage online business and a 50.1% holding in the Bodytone fitness equipment business.
According to JD Sports, it believes that there are opportunities to continue to develop Sprinter and Sport Zone and that the ISRG team in Iberia also have “an important part to play” in the further development of the JD fascia in Iberia and beyond.
Régis Schultz, CEO of JD Sports, said: “At our capital markets event earlier in the year, we emphasised the benefit of having strong complementary concepts to support our ‘JD first’ global growth strategy.
“ISRG is a highly successful business and one of the leading players in sports retail in Iberia. By bringing the two businesses closer together, there is significant potential for accelerating growth.”
He added: “We sincerely thank the minority shareholders, Balaiko and Sonae, for their important contributions to the business during our time as partners.”
