JD Sports acquires Hibbett Inc. for $1.1 billion
British sports apparel retailer JD Sports announced it will acquire U.S. sports apparel retail chain Hibbett for $1.1 billion.
JD Sports acquired all of Hibbett’s outstanding shares for $87.50 each, which was a 21% premium of the brand’s last closing price and a 29% premium to the 120-trading day volume weighted average price.
The acquisition will further JD Sport’s global expansion plans.
“We’re thrilled to acquire Hibbett City Gear, combining two of the most respected athletic retail brands in the United States, as we continue to strategically expand our global multi-brand platform,” JD Sports CEO Régis Schultz said. “With Hibbett’s highly complementary footprint, this transaction represents a logical next step in our strategic growth plans, further enabling us to meet the dynamic demands of consumers globally.”
Mike Longo will continue as Hibbett President and CEO, and Hibbett will maintain its headquarters in Birmingham, Alabama.