JD Sports is willing to pay around £453 million (€520m) to acquire France's Courir

The French company Groupe Courir is being offered for sale by JD Sports Fashion for an enterprise value of €520 million euros (£453 million). This would be the British company's first purchase since announcing its aggressive development intentions in February.

Currently, JD operates 3,400 locations in 32 countries, including the United Kingdom, France, Germany, Australia, and the United States.

The principal owner of Courir, which has 313 locations throughout six European nations, including France, Spain, and Belgium, is Equistone Partners Europe, who bought the company in 2018.

According to French legislation, JD Sports reported on Tuesday that before a legally binding sale and purchase agreement can be struck, Courir's management will begin a consultation procedure with its employee representative groups.

JD stated that the deal's completion was not anticipated to occur before the second half of 2023 since it also needs the European Commission's permission.

It declared that it will spend €325 million on Courir, paid for with already available cash, and incur €195 million in debt.

On sales of €609.8 million in 2022, Courir had a profit of €47.4 million.

As CEO Régis Schultz revealed his aspirations for the company to become an athletic leisurewear "powerhouse" in February, JD stated it would invest up to £3 billion to establish as many as 1,750 outlets over five years.

Earlier today the firm added that it had also finished buying the last 20% of JD Sports Fashion Germany.

Additionally, it is negotiating its future ownership with Iberian Sports Retail Group's minority shareholders.

JD's stock is currently up 1.75%, bringing its year-to-date gains to 32%.

(investing.com, reuters.com, bloomberg.com)