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JD Sports to acquire French sportswear retailer Courir for £453m

JD Sports

JD Sports has agreed to acquire French sportswear retailer Courir in a €520 million (£453 million) deal.

The acquisition is part of the group’s five-year growth plan in which it hopes to become the “leading global sports-fashion powerhouse”.

Courir, which is owned by Equistone Partners Europe, currently has 313 stores across six countries in Europe, of which 191 are based in France.

However, following French law, Courir’s management has to now embark on a consultation with relevant employee representative bodies before it can enter into a binding sale and purchase agreement.

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As a result, JD Sports does not expect the deal to be completed before the second half of 2023, due to approval from the European Commission.

It also added that it would pay €325 million (£282.7 million) for the company through existing cash resources and €195 million (£169.6 million) through debt.

“We are delighted to announce the proposed acquisition of Courir, a business that is held in high regard in the European sportswear community,” JD Sports CEO Régis Schultz said.

“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.”

He added: “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.”

Image credit: Wikimedia

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