JD Sports is in talks to buy French sportswear retailer Groupe Courir in a deal worth around €520m (£453m).
JD will pay €325 for the company, funded through existing cash resources, and take on debt of €195m.The acquisition would be the first since the group set out its five-year growth plan in February.
Courir, which is currently owned by Equistone Partners Europe, operates 313 stores across six countries in Europe.
In accordance with French law, Courir’s management will start a consultation process with its employee representative bodies before a binding sale and purchase agreement can be reached.
JD said that due to the need for approval from the European Commission, it does not expect the deal to be complete before the second half of 2023.
It added it would pay £282.7m (€325m) for the company through existing cash resources and £169.6m (€195m) through debt.
JD chief executive Régis Schultz said: “Investing in quality complementary concepts whilst furthering the growth of JD itself is a key strategic pillar for the Group and one which we will continue to pursue in the future.
“We look forward to concluding the contemplated transaction, welcoming the Courir team to the Group and then working with management to fulfil Courir’s global potential.”
