23rd Mar 2016 11:39
LONDON (Alliance News) - Sports clothing retailer JD Sports Fashion PLC on Wednesday said it has acquired the trading assets of Aktiesport and Perry Sport in the Netherlands from administrators.
JD Sports will pay EUR26.5 million in cash to acquire the assets from the trustees of Unlimited Sports Group BV, which was declared bankrupt by an Amsterdam court in February.
Aktiesport and Perry Sport have 187 stores across the Netherlands, of which 55 will be closed immediately. The deal will significantly expand JD Sports' presence in the Dutch market, from 16 stores and a Dutch language website prior to the deal.
The two companies delivered a pretax profit of EUR200,000 in the year to the end of December 2014, on revenue of EUR159.4 million.
"We are delighted with the acquisition of these well-established retail businesses, which will strengthen our presence in the Netherlands, in line with our ambition to increase our European footprint," said Peter Cowgill, JD Sports' executive chairman.
JD Sports shares were down 3.8% to 1,095.35 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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