A major retailer in the United Kingdom has announced plans to acquire Indianapolis-based The Finish Line Inc. (Nasdaq: FINL). The deal with JD Sports Fashion Plc is valued at nearly $560 million. The earliest the transaction could close, the companies say, is June.
The merger agreement still requires approval of Finish Line and JD shareholders, as well as regulatory approvals. JD bills itself as the "leading European retailer of sports, fashion and outdoor brands." If the merger is complete, JD says the Finish Line executive team will continue to be involved in the business.
Finish Line Chief Executive Office Sam Sato says "Finish Line has long admired JD and their commitment to serve customers with premium brands through a unique and innovative retail experience. We are thrilled to partner with them and look forward to realizing the impact we will have on the marketplace together."
JD Executive Chairman Peter Cowgill says the deal is "a clear next step" for the company’s global ambitions. "Finish Line has many similarities to JD with a strong bricks and mortar offering complemented by an advanced and well-invested digital platform. We are looking forward to working with Finish Line’s experienced management team to bring best in class retail theatre to the US. Our combined extensive knowledge of the retail market and our product and marketing relationships with global brand partners will benefit our customers, in turn supporting the continued future growth of JD."
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