JD Sports shareholders have unanimously approved a proposal to buy out the minority shareholders in Iberian Sports Retail Group (ISRG) as the brand strengthens its foothold in western Europe.
The sports retailer will buy out the remaining 49.98% shares in ISRG in a €500.1m (£432m) deal funded by the group’s existing available cash resources.
The deal was approved unanimously by shareholders in a general meeting held today (October 9, 2023) with the transaction expected to complete successfully by tomorrow.
ISRG has 460 stores across Europe including JD in Iberia, Sprinter in Spain, Sport Zone in Portugal, and Aktiesport and Perry Sport in the Netherlands.
JD Sports said it sees “opportunities to continue to develop Sprinter and Sport Zone” and the ISRG acquisition will “have an important part to play in the further development of the JD fascia in Iberia and beyond”.
JD Sports chief executive Régis Schultz 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.
“We sincerely thank the minority shareholders, Balaiko and Sonae, for their important contributions to the business during our time as partners.”
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