Last checked at 1 Feb 2018 07:00
1 February 2018
JD Sports Fashion Plc
Formal completion of combination of JD's existing interests across Iberia with Sport Zone in Portugal, Spain and Canary Islands,
Further to the announcement made on 14 September 2017, JD Sports Fashion Plc ('JD') announces that it has received unconditional clearance from the European Commission for the combination of its existing interests across Iberia with those of Sport Zone in Portugal, Spain and Canary Islands ('Sport Zone'). Other conditions to the transaction have also now been satisfied and so JD formally completed its acquisition of Sport Zone on 31 January 2018.
All the terms of the transaction remain as outlined in the announcement made on 14 September 2017.
Peter Cowgill, Executive Chairman of JD, said:
"We are delighted that this transaction, which gives us a significantly enhanced presence across Iberia, has now formally completed. The financial benefit derived from Sport Zone will depend on how quickly we can deal with the store portfolio, rejuvenate the offer and realise the necessary cost reductions and synergies. We therefore do not anticipate that the acquisition will be immediately earnings enhancing. However, we remain firm in our belief that, utilising the skills of the very experienced and knowledgeable management team at Sport Zone and our own expertise, there are significant opportunities to improve operational efficiencies and profitability over the longer term across the enlarged Iberian business."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Brian Small, Chief Financial Officer
MHP Communications Tel: 0203 128 8100
Andrew Jaques
Barnaby Fry