JD Sports to buy US retailer in $1bn deal

JD Sports is in talks to buy US sports and outdoor retailer Hibbett for just over $1bn (£878m) Chief executive Régis Schultz said the acquisition, which will add more than 1,000 stores to JD Sports’ portfolio, was in line with the group’s strategic priorities and was “a very important transaction for our strategic and financial development”. He said the acquisition provided a platform for the expansion of the JD brand in the US and would create a business in North America with revenue of around $4.7bn. JD Sports said it expected to fund the acquisition and refinance Hibbett’s existing debt through a combination of existing US cash resources of $300m and a $1bn extension to its existing bank facilities. Hibbett has a total of 1,169 stores in 36 states across the US. Its main retail fascias are Hibbett and City Gear. Photo by Flo Smith/Shutterstock (8523107ch)