JD Sports to buy U.S. rival Hibbett in $1.08 billion sportswear retail deal

JD Sports Fashion has proposed to buy American athletic fashion retailer Hibbett Inc for about $1.08 billion.

LONDON, UNITED KINGDOM - 2021/05/17: A scene outside JD sport shop. The Prime Minister announced that England can proceed to Stage Three on May 17, 2021. Most shops can reopen including indoor. for about $1.08 billion, the companies said on Tuesday, as Britain's biggest sportswear retailer looks to expand across the southeastern U.S.

It will pay $87.50 per Hibbett share in cash, representing a premium of about 20% to the U.S. firm's last closing price. Hibbett's shares were up 18% to $85.70 in premarket U.S. trading. It already owns Shoe Palace, which has a big presence on the U.S. west coast, and DTLR, which is established in the east.The enlarged group would have combined revenues of about 4.7 billion pounds in North America, JD Sports said, adding that the region's contribution to total sales would increase to about 40% from the current 32%.

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