Birmingham-based sports retailer Hibbett is being acquired by U.K.-based JD Sports in a deal totaling $1.08 billion.
The Wall Street Journal is reporting the deal will create a company with combined revenue of $5.80 billion.
The U.K. company said its acquisition of Hibbett accelerates its growth plans in the U.S., and particularly, the South.
Régis Schultz, CEO of JD Sports Fashion Plc, said the acquisition “is in line with our strategic priorities and is a very important transaction for our strategic and financial development.”
“Strategically, it enhances our presence within North America and achieves our objective of strengthening our Complementary Concepts division. Hibbett’s footprint is highly complementary, adding a stronger presence in communities across the southeastern U.S., where we currently have a limited presence.”
Hibbett, a company with more than 75 years history, has 1,169 stores in 36 states across the U.S.
The company generated net sales of $1.73 billion in 2023.
Hibbett President and CEO Michael Longo, and Executive Vice President of Merchandising Jared S. Briskin will continue with the company. Longo came to Hibbett in 2019 when it acquired Memphis-based City Gear, where Longo was CEO.
“Today’s announcement is a true testament to all that our Hibbett | City Gear teams have built over the years and reinforces the strength of our brands, our close relationships with our vendor partners, and our team of dedicated colleagues across the country,” Longo said. “JD Sports is a well-respected global leader in athletic footwear and fashion that, like us, is committed to the communities and customers it serves. We are thrilled to begin this new chapter with JD Sports, and believe the transaction will enable us to fulfill our customer-oriented mission even more effectively for years to come.”
The deal is expected to close in the second half of this year. Following the closing, Hibbett will join the JD Sports family of athletic footwear and fashion retail brands and will cease to be a publicly traded company.
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