JD Sports acquires Hibbett Sports for $1.1 billion to accelerate its expansion strategy in the US market

JD Sports has made a bold move by acquiring Hibbett Sports for $1.1 billion, aiming to accelerate its expansion in the US market. Hibbett Sports, a US retailer with the City Gear brand, operates 1,169 sports goods chain stores in the US. JD Sports plans to complete the transaction through cash payment and additional financing provided by existing bank financing arrangements. This acquisition will increase JD Sports' market share in North America to 40%. JD Sports aims to become a leader in the sports goods retail industry and successfully penetrate the US market. In recent years, JD Sports has achieved significant growth in the market, but a lack of innovation in Nike products has led to a decline in sales