Offers 87.50 usd/shr (Il Sole 24 Ore Radiocor) - London, 23 Apr - JD Sports Fashion, a UK retailer of sports, fashion and outdoor brands, said that it has entered into a binding agreement to acquire 100% the Nasdaq-listed Hibbett at 87.50 dollars per share in cash.

The bid implies an equity value of 1.083 billion dollars (878 million pounds) and an enterprise value of 1.109 million dollars (899 million pounds).

JD Sports expects to fund the total consideration payable, and refinance Hibbett's existing debt, through a combination of existing US cash resources of 300 million dollars and a 1.0 billion extension to its existing bank facilities.

Regis Schultz, the CEO of JD Sports said that the acquisition "enhances our presence within North America and achieves our objective of strengthening our Complementary Concepts division. Hibbett's footprint is highly complementary, adding a stronger presence in communities across the southeastern US, where we currently have a limited presence. It will also provide a stronger platform for the rollout of the JD fascia in the US.

"Financially, it accelerates our growth plans within the US and is expected to be earnings accretive from year one and before potential synergies are taken into account. It will also strengthen further our key brand partner relationships in the largest sportswear market in the world. Hibbett has a strong and experienced management team who we look forward to working with on this transaction and beyond as we welcome Hibbett into our family of North American retail fascias.".

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(RADIOCOR) 23-04-24 08:36:39 (0182) 5 NNNN