- Prachi Singh |
JD Sports Fashion Plc has said that it has formally completed the acquisition of The Finish Line, Inc. In March, JD Sports had entered into a conditional acquisition agreement to acquire 100 percent of the issued share capital of The Finish Line at a price of 13.50 dollars per share in cash, valuing Finish Line's total equity at approximately 558 million dollars.
Commenting on the deal, Peter Cowgill, Executive Chairman of JD, said in a media statement: “This marks a momentous step in JD’s global expansion and represents an exciting opportunity to bring our market leading, multi-brand retail proposition to the world’s largest athleisure market, both online and in stores. Our team will now collaborate with the experienced Finish Line management team and the key global brands to bring best in class retail theatre and multi-channel consumer experience to the US.”
Finish Line is a retailer of premium multi-branded athletic footwear, apparel and accessories in the United States. The company operates 556 Finish Line branded retail stores across 44 US states and Puerto Rico in addition to a multi-channel offering. It is also the exclusive retailer of athletic shoes, both in-store and online for Macy's, operating 375 branded and 188 unbranded concessions within Macy's stores.
“With the closing of this merger with JD, Finish Line opens an exciting new chapter. With a global footprint, together we will bring leading-edge innovation and service to our customers,” added Sam Sato, Chief Executive Officer of The Finish Line.
Picture:The Finish Line media gallery