JD Sports Fashion, one of Britain’s largest sportswear retailers, has agreed to buy the American sporting goods chain Hibbett Sports Inc. for approximately $1.1 billion.
JD Sports said it would pay $87.50 per share for Hibbett. This represents a premium of 21% to the closing price of securities on Monday and 29% to their weighted average value over the last 120 trading days, Interfax notes.
Hibbett’s board of directors unanimously approved the proposal from the British company.
The transaction is expected to close in the second half of 2024, subject to approval from Hibbett’s shareholders and regulatory authorities.
Baird and Rothschild & Co. acted as financial advisors for this transaction for JD Sports, and Solomon Partners Securities for Hibbett.