JD Sports has announced it will acquire fellow sportswear retailer Footasylum in a deal worth up to £90 million. The sportswear retail agreed to pay £82.5p per share for the retailer, marking a 77.4 per cent increase on Footasylum’s closing price of £46.5p last week.
The deal is expected to be completed in April or May. This follows the news of JD Sports announcing it had no intention of making an offer to Footasylum despite buying an 8.3 per stake – later raised to over 18 per cent – in the firm. JD Sports’ main shareholder Pentland also has a 2.6 per cent holding in Footasylum. “The Footasylum board has concluded that the offer represents the best strategic option for Footasylum and its employees,” Footasylum executive chairman Barry Bown said.
