JD Sports Fashion PLC (LSE:JD.) has completed the acquisition of US sports fashion retailer Hibbett.
The £899 million takeover was first announced in April as a way of enhancing JD’s presence in “the world's biggest and most attractive sportswear market”, the group said at the time.
JD Sports expects to increase its annual turnover in North America to approximately £4.7 billion, raising its regional sales share to 40%, because of the deal.
Régis Schultz, chief executive of JD Sports Fashion PLC (LSE:JD.), today said: "The completion of our acquisition of Hibbett is an important strategic milestone for us in North America and we look forward to working with its experienced management team to deliver on our growth plans in the largest sportswear market in the world.
“Strategically, this acquisition enhances our presence within North America and achieves our objective of strengthening our existing community concepts: Shoe Palace on the West Coast and DTLR on the East Coast. Hibbett's footprint is highly and fully complementary".
Headquartered in Birmingham, Alabama, Hibbett is a leading sports fashion-inspired retailer with 1,169 stores across 36 states across the US.