JD Sports Fashion Plc Related Party Announcement (6450A)
03 Junio 2021 - 1:00AM
UK Regulatory
TIDMJD.
RNS Number : 6450A
JD Sports Fashion Plc
03 June 2021
3 June 2021
JD Sports Fashion Plc
Proposed intergroup sale of Sports Unlimited Retail BV to
Iberian Sports Retail Group SL
JD Sports Fashion Plc ('JD' or the 'Group'), a leading retailer
of sports, fashion and outdoor brands, announces that, on 2 June
2021, it agreed non-binding headline terms for the disposal of
Sports Unlimited Retail BV ('SUR' or the 'Company'), which is a
wholly owned company based in the Netherlands operating under the
Aktiesport and Perry Sport fascias, to Iberian Sports Retail Group
SL ('ISRG'), its 50.02% subsidiary based in Spain.
The rationale for the transaction is that ISRG is more focused
on the sporting goods sector than the core JD brand and therefore
JD feel that the management team of ISRG will be better placed to
drive growth and higher returns in SUR longer term. However, as the
parent to ISRG, JD will continue to make strategic decisions
regarding the Company's future.
Consideration of EUR16.5m is expected to be payable on
completion which ISRG will fund from existing cash balances and
resources.
By virtue of the fact that Sonae - SGPS, SA and Balaiko Firaja
Invest, SL are substantial shareholders in ISRG, the Group
anticipates that the sale of SUR to ISRG, once entered into, will
constitute a smaller related party transaction under Listing Rule
11.1.10.
JD will make a further statement upon formal completion of the
transaction which is expected to take place on 30 June 2021.
Peter Cowgill, Executive Chairman, said "We have an excellent
management team at ISRG and, having successfully integrated the
Sport Zone business into its operations, this is the right time for
ISRG to further expand its geographical reach. By consolidating our
sporting goods businesses under the ISRG umbrella, we are
absolutely confident that the transfer of SUR to ISRG will bring
long term development opportunities to both the team at SUR and
their international brand partners."
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 8193
Andrew Jaques
Giles Robinson
Charles Hirst
Catherine Chapman
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