JD Sports Fashion PLC (LSE:JD.) has taken 100% ownership of Iberian Sports Retail Group (ISRG) after buying out the minority shareholders for €500.1mln.
JD Sports has acquired the remaining 49.98% stake currently held by Balaiko Firaja Invest and Sonae Holdings.
The cash deal will be funded from existing resources, JD said.
ISRG currently operates more than 460 stores across Europe including JD in Iberia, Sprinter in Spain, Sport Zone in Portugal and Aktiesport and Perry Sport 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.
In the year to 31 January 2023 it reported pre-tax profit of €96.6mln.
JD Sports chief executive Régis Schultz said: “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.”