Greater Manchester based JD Sports Fashion has proposed buying France’s Groupe Courir for £452 million in what would be the group’s first acquisition since setting out its ambitious expansion plans in February.
Courir, which has 313 stores across six countries in Europe, including France, Spain and Belgium, is currently majority owned by Equistone Partners Europe which acquired it in 2018.
JD Sports currently has over 3,400 stores across 32 countries , including Britain, France, Germany, the United States and Australia.
It said in a statement that in accordance with French law Courir’s management will start a consultation process with its employee representative bodies before a binding sale and purchase agreement can be reached.
Given the deal also requires the approval of the European Commission, JD said it was not expected to complete before the second half of 2023.
The retailer’s chief executive, Régis Schultz, said: ‘We are delighted to announce the proposed acquisition of Courir, a business that is held in high regard in the European sportswear community.
‘We look forward to concluding the contemplated transaction, welcoming the Courir team to the group and then working with management to fulfil Courir’s global potential.
‘Investing in quality complementary concepts whilst furthering the growth of JD itself is a key strategic pillar for the group and one which we will continue to pursue in the future.’
