JD targets French group for half-billion euro acquisition
JD Sports has entered into exclusive negotiations with the owners French sports retail group Courir and has said it aims to complete an acquisition valued at €520 million.
Courir is currently majority owned by Equistone Partners Europe. In accordance with French law, Courir management will now commence consultation processes with employee representative bodies prior to being able to enter into a binding agreement for the transaction. The transaction will also need to be notified to the European Commission in accordance with European Union law. Completion is conditional on receipt of merger control approval but JD Sports said it remained optimistic about completing the acquisition before the end of 2023.
At the present time, Courir has 313 sports footwear and apparel stores in six countries in Europe: 191 of its stores in France are directly operated and a further 66 stores there are operated by affiliates.
It also has 24 stores in Spain, 22 in Belgium, five in Portugal, three in the Netherlands and two in Luxembourg, all of which are operated directly.
In addition, there are a further 36 stores which trade under franchise agreements as Courir in north-west Africa, the Middle East and French overseas territories. The group has two stores that trade as Naked, an elevated female sneaker business, in Denmark.
