JD Sports to Buy Hibbett for $1.1 Billion to Fuel US Expansion [BNN Bloomberg (Canada)]
Nike, Inc. (NKE)
Last nike, inc. earnings: 3/24 04:15 pm
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Source: BNN Bloomberg
The company is paying $87.50 per share for Hibbett, compared with the $72.49 closing price on Monday. The deal will be funded using $300 million of cash and a $1 billion extension to its existing bank facilities, JD Sports said in a statement. The acquisition will boost the company's limited presence in the southeast of the US, JD Sports Chief Executive Officer Régis Schultz said. North America's share of sales will rise to 40% from 32% currently, the company said. Hibbett, which also runs the City Gear sporting goods chain, has 1,169 stores across the US selling top brands including Nike Inc. and Adidas AG, especially in footwear. ©2024 Bloomberg L.P.
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