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JD Sports Fashion reportedly placed its bid for the acquisition of Courir France SAS company. The acquisition is said to be worth $572 million or about €520 million. It was noted that this will be the company’s very first corporate purchase since laying out its plans for expansion in February this year.
According to Reuters, JD Sports is currently operating more than 3,400 stores in 32 regions which include big markets such as the United States, Australia, Germany, France, and Britain. On the other hand, Courir is running about 313 stores in just six European countries, including Belgium, France, and Spain.
The majority of Courir’s stake is currently owned by Equistone Partners Europe, which bought the company five years ago - in 2018. JD Sports revealed this week that it will begin the consultation process for its proposal to buy Courir.
JD Sports will prepare its bid according to French law with help from its employees before it officially enters into a binding sale and purchase agreement with Courir and its owners. The company said that since the deal must also be approved by the European Commission, it is not expecting the completion of the buyout soon but probably some time within the second half of this year.
In any case, JD Sports shared that it will be paying €325 million in cash for the purchase of France’s Courir. The funds will come from the company’s existing cash resources and then take on a debt of €195 million.
Meanwhile, Bloomberg reported that JD Sports has been placing bids to buy more assets that will help it grow further in Europe. The buyout is clearly part of its scheme for its expansion goal.
Photo by: Samuel Regan-Asante/Unsplash
