Hibbett, Inc. (Nasdaq: HIBB), a prominent retailer specializing in athletic-inspired fashion, today disclosed a definitive agreement under which JD Sports Fashion plc (LSE: JD) will acquire all outstanding shares of Hibbett for $87.50 per share in cash. This deal values the enterprise at approximately $1.1 billion.
Mike Longo, President and CEO of Hibbett, expressed enthusiasm about the acquisition, highlighting it as a validation of the strong foundation built by the Hibbett | City Gear teams. He noted that JD Sports, a global leader in athletic footwear and fashion, shares a similar commitment to community and customer service. Longo anticipates that this new partnership will enhance their ability to execute their customer-focused mission.
Anthony Crudele, Chairman of Hibbett’s Board of Directors, emphasized that the deal with JD Sports will deliver immediate and significant value to Hibbett’s shareholders and ensure the continued dedication to their core customer base and community. The Board has unanimously endorsed the transaction as the optimal way to maximize Hibbett’s value.
Régis Schultz, CEO of JD Sports, described the acquisition as a pivotal moment for the company, marking a significant expansion in the global sports fashion market. He praised the strategic fit between Hibbett | City Gear and JD Sports, noting that the merger will enhance their presence in the U.S. market and support their global growth objectives by better addressing consumer needs worldwide.
