JD Sports will take 80% holding worth €140.4m
JD Sports (LON:JD) on Monday confirmed an agreement has been reached to buy Deporvillage, the online sports retailer in Spain.
The deal for an 80% holding amounts to €140.4m (£120.3m).
JD Sports confirmed that Iberian Sports Retail Group, the holding company in Spain it owns 50% of, has agreed to purchase 80% of the shares in Deporvillage.
Deporvillage is based in Manresa, Catalonia and sells running, cycling and outdoor goods, among other things, online.
Having started out in 2010, the retailer began selling to UK customers in 2018, and now has websites across Europe.
The JD Sports share price fell by 1.26% during the morning session, down to 940.6p.
Upon completion of the deal, Deporvillage‘s senior management team will keep a 20% stake in the business, as its CEO will remain in the same position.
“Deporvillage has a strong consumer-centric approach and is the market leader in its categories in Spain with significant potential for further international development,” JD executive chairman, Peter Cowgill, said.
“We look forward to closing the transaction and welcoming the Deporvillage team to the group.”
The JD Sports share price is headed up the FTSE 100 on Friday on a week that saw the sportswear brand spend five consecutive days in the green.
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