14th Oct 2022 14:13
(Alliance News) - JD Sports Fashion PLC on Friday said its Spanish subsidiary has agreed to acquire an additional 18% stake in online sports retailer Deporvillage SL for EUR19.8 million.
JD Sports is a multichannel retailer of branded athletic leisure wear.
JD Sports said its existing 50% intermediate holding company in Spain, Iberian Sports Retail Group SL, has entered into a conditional agreement to acquire an additional 18% of the shares of online specialist sports retailer, Deporvillage.
In June 2021, Iberian Sports bought a majority 80% stake in Deporvillage shares.
Deporvillage was founded in Spain, but now operates country-specific websites for Italy, France, Portugal, Germany and the UK. It specialises in cycling, running, outdoor, and other sports categories.
"It is currently the number one online sports retailer by market share in Spain," JD Sport added.
Following the transaction, Iberian Sports will own 98% of Deporvillage, with the co-founders retaining a 2% stake.
Iberian Sports and the co-founders have also entered into put and call options over the remaining 2% interest, the consideration for this remaining stake has been capped.
JD Sports explained that following a transition period, the Deporvillage co-founders will step away from the management of the business.
Shares in JD Sports were up 3.1% to 96.90 pence each in London on Friday afternoon.
By Sophie Rose; [email protected]
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