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* Placing represents 6% of share capital
* Sees more acquisition opportunities
* Analysts expect entries into new countries
* Shares up 0.6%
(Adds detail, analyst comment, shares)
By James Davey
LONDON, Feb 4 (Reuters) - Britain's biggest sportswear
retailer JD Sports Fashion is targeting further
acquisitions after raising 464 million pounds ($631 million)
through a placing of new shares, it said on Thursday.
The fast-growing group has been expanding abroad since it
set up a Malaysian joint venture in 2015. It purchased the
Finish Line in the United States in 2018 and in December bought
West Coast-focused Shoe Palace.
On Monday JD announced that it will buy DTLR Villa for $495
million, extending the group's reach in the United
States.
"The directors of the group believe there are a number of
potentially attractive acquisition opportunities that will
become available in due course and which will continue to
support the group's successful global expansion strategy," JD
said on Thursday.
The company said that 58.4 million new shares were placed at
795 pence per share, representing about 6% of its share capital.
Shares in the company were up 0.6% at 0839 GMT, giving it a
market capitalisation of 8 billion pounds.
"We expect entries into new countries but also other deals
to bolster existing positions," said analysts at Peel Hunt.
"The balance sheet is strong anyway but some deals need
acquirers to move quickly and the bigger the war chest the
better."
JD said that in addition to the placing proceeds, it has 700
million pounds of debt facilities. It also had 1 billion pounds
of cash prior to the DTLR deal.
Despite its stores being closed during COVID-19 lockdowns,
JD has continued to thrive with its strong online operation and
last month raised its full-year profit view.
Online fashion retailers ASOS and Boohoo
have also performed well during the crisis, but most store-based
groups have struggled, with Philip Green's Arcadia group and
Debenhams collapsing into administration.
($1 = 0.7359 pounds)
(Reporting by James Davey
Editing by Estelle Shirbon and David Goodman)
