JD to acquire Finish Line for about $558m

JD Sports Fashion said Monday that on March 25, it entered into a conditional acquisition agreement to buy Finish Line for approximately $558m (approximately £396m).

The acquisition is expected to be completed no earlier than June 2018 and make a small incremental positive contribution to the JD's results and earnings per share in the period to 2 February 2019.

'On completion of the acquisition, the company will focus on bringing JD's highly differentiated multi-channel retail proposition to the US market,' JD Sports said in statement.

Finish Line is one of the largest global retailers of premium multi-branded athletic footwear, apparel and accessories in the US.

Peter Cowgill, Executive Chairman of JD said: 'We are extremely excited to be joining up with Finish Line, a well-established US operator.'

'The Acquisition represents an excellent opportunity for JD to establish its market leading multi-brand proposition in the world's largest athleisure market. It immediately offers a major presence in the US, a clear next step to further increase our global scale.'

'Finish Line has many similarities to JD with a strong bricks and mortar offering complemented by an advanced and well-invested digital platform. We are looking forward to working with Finish Line's experienced management team to bring best in class retail theatre to the US. Our combined extensive knowledge of the retail market and our product and marketing relationships with global brand partners will benefit our customers, in turn supporting the continued future growth of JD.'