LONDON, United Kingdom, May 9 – UK sports fashion retailer JD Sports announced Tuesday a 520-million-euro ($571-million) bid for France’s Courir, as it pursues its expansion in Europe and beyond.
The company said in a statement that it entered “exclusive negotiations” on Monday with private equity firm Equistone Partners Europe, the majority owner of Courir, over the deal which comprises 325 million euros in cash and 195 million euros in assumed debt.
“We are delighted to announce the proposed acquisition of Courir, a business that is held in high regard in the European sportswear community,” said JD Sports Fashion chief executive Regis Schultz.
“We look forward to concluding the contemplated transaction, welcoming the Courir team to the group and then working with management to fulfil Courir’s global potential.”
The transaction is conditional on regulatory approval from the European Commission and is not expected to be completed before the second half of this year.
“Based in France, Courir is a leading player in the European sports footwear and apparel sector with 313 stores across six countries in Europe,” the statement added.
Schultz said in February that JD aims to become “the leading global sports-fashion powerhouse” by expanding in North America and Europe.
Courir’s store portfolio includes 191 in home market France, 24 in Spain and 22 in Belgium. It also has another 36 stores under franchise agreements in Africa, the Middle East and French overseas territories.
“Securing greater control over the long-term development of JD and prioritising the development of the JD brand is a key pillar in our growth strategy in Europe,” Schultz said Tuesday.
