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Britain’s JD Sports Targets More Deals After Raising £464 Million

A JD sports store. Shutterstock.

Britain’s biggest sportswear retailer JD Sports Fashion has raised £464 million ($631 million) through the placing of new shares to finance its expansion and capitalise on further acquisition opportunities, it said on Thursday.

The fast-growing group said 58.4 million new shares were placed at 795 pence a share, representing about 6 percent of its share capital.

Shares in JD closed Wednesday at 815 pence, giving it a market capitalisation of £7.93 billion.

JD said on Monday it would buy Baltimore-based DTLR Villa LLC for $495 million to grow its presence in the United States market.

That deal was JD’s second US purchase in two months after it bought West Coast-focused Shoe Palace in December. It bought the Finish Line in 2018.

“The directors of the group believe there are a number of potentially attractive acquisition opportunities that will become available in due course and which will continue to support the group’s successful global expansion strategy,” JD said.

Despite its stores being closed during Covid-19 lockdowns, JD has continued to thrive with its strong online offer and last month raised its full-year profit view.

By James Davey; editing by Estelle Shirbon

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