JD Sports strikes $1.1bn deal to expand into US

Regis Schultz, the French businessman who leads JD, said: “Hibbett’s footprint is highly complementary, adding a stronger presence in communities across the south-eastern US, where we currently have a limited presence. It will also provide a stronger platform for the rollout of the JD fascia in the US.”

JD’s US swoop bucks the trend for American suitors flocking to the UK stock market for deals. A number of takeovers this year, including GXO Logistics’ takeover of Wincanton, International Paper’s purchase of DS Smith and Spirent’s acquisition by Keysight, have involved Americans buying British listed firms.

Hibbett is listed on the New York Stock Exchange.  

The deal will double the number of US sportswear stores owned by JD to 2,100, with Hibbett’s collection of more than 1000 stores boosting the figure. JD’s proportion of US sales will also rise from 32pc to 40pc.

America is the world’s largest and most lucrative market for sportswear, valued at $120bn. The UK is worth $10bn in comparison.