JD Sports shareholders have unanimously approved the firm’s proposal to buy out the minority of shares it does not hold in Spain’s Iberian Sports Retail Group (ISRG) as the brand strengthens its foothold in western Europe.
The sports retailer will now buy out the remaining 49.98% shares in ISRG in a €500.1m (£432m) deal funded by available cash resources. The deal is expected to complete today after shareholders unanimously backed the deal in a general meeting held yesterday. JD initally announced its plans to buy out the remainder ISRG in July.
ISRG currently operates more than 460 stores across Europe including JD Sports 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 May, JD Sports announced that it is to acquire France’s Courir in a deal worth €520m. It also took control of Poland’s MIG in August as it strengthens its position across Europe. The company announced last month that it remains on target to achieve £1bn+ profit by the end of this year.
