UK Sports Retailer JD Sports Fashion to Buy United States Athletic Fashion Retailer Hibbett for $1.1 Billion
28th April 2024 | Hong Kong
UK sports retailer JD Sports Fashion has announced to buy United States athletic fashion retailer Hibbett for $1.1 billion. Announcement (23/4/24): “Hibbett, Inc. (“Hibbett”) (Nasdaq:HIBB), an athletic-inspired fashion retailer, today announced a definitive agreement in which JD Sports Fashion plc (“JD Sports”) (LSE:JD) will acquire all outstanding shares of Hibbett for $87.50 per share in cash, representing an aggregate enterprise value of approximately $1.1 billion. The Board of Directors of Hibbett has unanimously approved the definitive merger agreement and the transaction. The transaction is expected to close in the second half of 2024, subject to receipt of Hibbett stockholder approval, receipt of required regulatory approvals, and the satisfaction of other customary conditions to closing. The transaction is not subject to a financing condition. Under the terms of the definitive merger agreement, Hibbett has agreed to suspend the payment of dividends on its common stock, as well as the purchase of shares under its existing Stock Repurchase Program, through the closing of the transaction. Following the closing of the transaction, Hibbett will join the JD Sports family of athletic footwear and fashion retail brands and will cease to be a publicly traded company. Following the closing of the transaction, Mike Longo will continue to serve as President and Chief Executive Officer and Jared Briskin will take on the role of Chief Operating Officer of Hibbett. Hibbett will maintain its corporate headquarters in Birmingham, Alabama.”
“ UK Sports Retailer JD Sports Fashion to Buy United States Athletic Fashion Retailer Hibbett for $1.1 Billion “
UK Sports Retailer JD Sports Fashion to Buy United States Athletic Fashion Retailer Hibbett for $1.1 Billion
About Hibbett, Inc.
Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer with 1,169 Hibbett, City Gear and Sports Additions specialty stores located in 36 states nationwide as of February 3, 2024. Hibbett has a rich history of convenient locations, personalized customer service and access to coveted footwear, apparel and equipment from top brands like Nike, Jordan, New Balance and adidas.
About JD Sports Fashion plc
Founded in 1981, the JD Group (‘JD’) is a leading global omnichannel retailer of sports fashion brands. JD provides customers with the latest exclusive products from its strategic partnerships with the most-loved premium brands – including Nike, Adidas and The North Face. The vision of JD is to inspire the emerging generation of consumers through a connection to the universal culture of sport, music and fashion. JD focuses on four strategic pillars: global expansion focused on the JD brand first; leveraging complementary concepts; moving beyond physical retail by creating a lifestyle ecosystem of relevant products and services; and doing the best for its people, partners and communities. JD is a constituent of the FTSE 100 index and had 3,313 stores worldwide as of March 2, 2024.
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