JD Sports Fashion Plc Acquisition of MIG in Poland (0285S)
12 Marzo 2021 - 1:00AM
UK Regulatory
TIDMJD.
RNS Number : 0285S
JD Sports Fashion Plc
12 March 2021
12 March 2021
JD Sports Fashion Plc
Conditional Agreement for the Acquisition of Marketing
Investment Group S.A. in Poland
JD Sports Fashion Plc ('JD' or the 'Group'), one of the world's
leading retailers of sports, fashion and outdoor brands, announces
that on 11 March 2021, it entered into a conditional agreement for
the acquisition of 60% of Marketing Investment Group S.A. ('MIG' or
'Company').
Based in Krakow, Poland, and founded in 1989, MIG is currently
majority owned by brothers Andrzej and Zbigniew Grz ka. The
business operates 410 retail stores and associated trading websites
across nine countries in Central and Eastern Europe ('CEE'),
selling a wide range of sports fashion footwear, apparel and
accessories from leading global brands primarily under the Sizeer
and 50 Style fascias. In the year ended 31 January 2020, MIG
generated revenues of approximately GBP200 million (GBPstg
equivalent).
Completion of the acquisition is subject to customary closing
conditions, including approval by the competition authorities in
Poland. JD and MIG anticipate completing this acquisition before
the end of May 2021.
The size of the transaction does not meet the thresholds for
mandatory notification under Listing Rule 10. However, we can
confirm that put and call options have been agreed, to enable
future exit opportunities for the sellers with whom we will work in
partnership.(1)
Peter Cowgill, Executive Chairman of JD Sports Fashion Plc,
said:
"This is an exciting acquisition for JD that will further build
on the success of our international development strategy, expanding
our operations into Central and Eastern Europe. We have observed
and admired the development of MIG over a number of years and we
are confident that the combination of their highly experienced and
knowledgeable management team, together with the expertise of the
JD leadership team, will provide the Group with strong foundations
from which to successfully optimise the opportunities in the
region.
"We look forward to closing the transaction and welcoming the
MIG team to the Group."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
Jennifer Iveson, Investor Relations
MHP Communications Tel: 0203 128 8788
Andrew Jaques
Giles Robinson
Charles Hirst
Catherine Chapman
[1] To the extent that the exercise of any of these put and call
options are not at the sole discretion of JD, the maximum
consideration payable has been capped below 4.99% of JD's market
value, less any consideration already paid .
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