The Alabama-based chain has entered into a deal with the UK-based global sportswear giant to acquire all outstanding shares of Hibbett for $87.50 per share in cash, in a transaction valued at approximately $1.1bn.
Athletic-inspired fashion retailer Hibbett is being acquired by JD Sports Fashion plc. With the completion of the deal, Hibbett will cease to be a publicly traded company.
The acquisition will significantly add to JD Sports’ US footprint, giving it a national presence. Hibbett operated 1,169 stores under the Hibbett, City Gear and Sports Additions banners in 36 states nationwide as of 3 February 2024.
JD Sports entered the US market in 2018 with its purchase of The Finish Line. In 2021, it purchased California-based Shoe Palace and two months later, athletic footwear and apparel streetwear retailer DTLR Villa. The company, which also has a presence in France, Spain and South Korea, had 3,313 stores worldwide as of 2 March 2024.
Following the closing of the deal Mike Longo will continue to serve as president and CEO of Hibbett, which will maintain its corporate headquarters in Birmingham, Ala. Jared Briskin will take on the role of COO of Hibbett.
“JD Sports is a well-respected global leader in athletic footwear and fashion that, like us, is committed to the communities and customers it serves,” said Longo. “We are thrilled to begin this new chapter with JD Sports and believe the transaction will enable us to fulfil our customer-oriented mission even more effectively for years to come.”
