UK-based sports retailer JD Sports Fashion has agreed to acquire athletic fashion retailer Hibbett for $87.50 per share, representing an aggregate value of approximately $1.1 billion, in a deal unanimously approved by the Hibbett board.
JD Sports entered the U.S. in 2018, when it acquired Finish Line for $558 million. This latest acquisition will add 1,169 Hibbett, City Gear and Sports Additions stores operating across 36 states to JD Sports’ roster of more than 3,400 stores in the UK, Europe, North America and Asia Pacific. Following the merger, Hibbett will cease to be publicly traded.
“Today is a significant milestone for JD Sports as we take this transformative step as a global leader in the sports fashion industry through this transaction with Hibbett,” said Régis Schultz, CEO of JD Sports in a statement. “We’re thrilled to acquire Hibbett, combining two of the most respected athletic retail brands in the United States, as we continue to strategically expand our global multi-brand platform. 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.”
The transaction is expected to close in the second half of 2024, subject to Hibbett stockholder and regulatory approvals. Mike Longo will continue to serve as President and CEO of Hibbett, with Jared Briskin, current EVP of Merchandising at Hibbett, moving into the COO role. Hibbett will maintain its corporate headquarters in Birmingham, Ala.
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“Today’s announcement is a true testament to all that our Hibbett-City Gear teams have built over the years and reinforces the strength of our brands, our close relationships with our vendor partners and our team of dedicated colleagues across the country,” said Longo in a statement. “JD Sports is a well-respected global leader in athletic footwear and fashion that, like us, is committed to the communities and customers it serves.”
