JD Sports Fashio PLC said it entered exclusive negotiations to acquire France-based Groupe Courir for €520mln as it ramps up towards its growth ambitions.
Courir has 313 stores selling sports footwear and apparel across six European countries and made a profit before tax of €47.4mln in 2022 and revenues of €609.8mln.
The deal will see FTSE 100-listed JD Sports wipe Courir’s €195mln debt before using cash resources to buy the company for €325mln, according to a statement.
“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,” said JD Sports chief executive Régis Schultz, commenting on the potential deal.
JD Sports said that Courir’s senior management team and infrastructure will remain in place, and it will continue to operate alongside JD’s French operations.
Additionally, JD also announced it has completed the remaining 20% acquisition of JD Sports Fashion Germany and that it is in discussions with parties over the future structure of the subsidiary Iberian Sports Retail Group.