European Commission approves JD Sports' acquisition of Sport Zone
JD Sports has received clearance from the European Commission for its purchase of Sport Zone which has a presence in Spain, Portugal and the Canary Islands.
With other conditions to the transaction now satisfied, JD Sports formally completed its acquisition of Sport Zone on 31 January.
The company said the acquisition will "significantly enhance" its presence across Iberia.
Peter Cowgill, executive chairman of JD Sports, said: “The financial benefit derived from Sport Zone will depend on how quickly we can deal with the store portfolio, rejuvenate the offer and realise the necessary cost reductions and synergies. We therefore do not anticipate that the acquisition will be immediately earnings enhancing.
"However, we remain firm in our belief that, utilising the skills of the very experienced and knowledgeable management team at Sport Zone and our own expertise, there are significant opportunities to improve operational efficiencies and profitability over the longer term across the enlarged Iberian business."
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