Shares in JD Sports (LON:JD) climbed over 3 percent on Monday, after investors showed their approval of the group’s acquisition of US athletic footwear company Finish Line.
Finish Line is listed on the NASDAQ stock exchange with a market capitalisation of approximately $425 million, and has 556 stores in the US. It also has 188 unbranded concessions in Macy’s stores and employs 3,700 full-time and 9,300 part-time staff.
Peter Cowgill, JD Sports’ executive chairman, commented: “Finish Line has many similarities to JD with a strong bricks and mortar offering complemented by an advanced and well-invested digital platform.”
He said: “This is a landmark day for JD and will be transformational for the business.”
In a statement, the company said the acquisition offers the Company the opportunity to expand its market leading elevated proposition into the most significant global market, immediately gaining the benefit of a significant physical and online retail presence and increases the importance of the company to its major international brand partners.
Shares in JD Sports are currently up 3.15 percent at 367.00 (0954GMT).
