JD Sports has achieved one Purchase agreement for the American sportswear brand Hibbettunder which it will acquire all of the company’s outstanding shares for $87.5 (approximately €81.8 euros) per share in cash, representing a total enterprise value of approximately $1.1 billion (approximately €1,029 million).
Both companies have reported that following JD Sports’ acquisition proposal, Hibbett’s board of directors has unanimously approved the definitive merger agreement and transaction and now the parties They expect the operation to close in the second half of 2024«Subject to the approval of Hibbett shareholders, receipt of required regulatory approvals and satisfaction of other customary closing conditions«. The operation is not subject to any financing conditions.
Under the terms of the agreement, Hibbett agreed to suspend the payment of dividends on its common stock and purchases of shares under its existing repurchase program until the transaction is completed. Once the purchase is complete, the American company will join JD Sports and will no longer be a listed company. Mike Longo will continue in his current role as President and CEO of HibbettAnd Jared Briskin takes over as COOwhile the company headquarters remains in Birmingham, Alabama.
«The purchase agreement is a true testament to everything the company has built over the years“, he assured Mike Longoand emphasized that “JD Sports is a highly respected global leader in sports fashion and footwear that, like us, is committed to the communities and customers it serves.«. «We are excited to begin this new chapter with JD Sports and believe the transaction will enable us to fulfill our customer-centric mission even more effectively in the years to come.“said the manager.
For his part, in the words of Anthony Crudele Chairman of the Hibbett Board of Directors«The transaction with JD Sports will create immediate, certain and significant value for Hibbett shareholders« and at the same time ensure that their brands «are well positioned to continue to serve customers and communities, which has always been the central focus of Hibbett’s business«.
«Today marks an important milestone for JD Sports as we take this transformative step as a global leader in the sports fashion industry through this transaction with Hibbett.“, has manifested itself Regis Schultz, CEO of JD Sports.
