JD Sports set to merge its Iberian business with Sport Zone
The company has agreed a Memorandum of Understanding with Sport Zone owner Sonae that sets out the basis for a combination of the JD Group's existing businesses in Spain and Portugal, JD Sprinter Holdings, with the Sport Zone business.
Sport Zone is one of the largest sports retailers in the region.
The Memorandum of Agreement establishes the key parameters for the creation of an Iberian Sports Retail Group that will have as shareholders the JD Group, Sonae and the family shareholders of JD Sprinter, with shareholdings of approximately 50%, 30% and 20%, respectively.
In a statement, JD Sports said: “Sonae and JD Sprinter have a deep knowledge of sports retail in Portugal and Spain and both will play a key role in the future strategic and operational management of the Iberian Group.
“With an estimated combined turnover over €450 million and a store network of 287 stores (191 of which are in Spain and 96 are in Portugal), the Iberian Group will become the second largest Iberian Sports Retailer and will generate further scale, momentum and resources to continue the current growth of the JD Group.”
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