The nearly $560 million acquisition of Indianapolis-based The Finish Line Inc. is complete. The deal by JD Sports Fashion plc, a retailer headquartered in the United Kingdom, was announced in March. Finish Line shareholders last week approved the transaction. The Finish Line is now a wholly-owned subsidiary of JD Sports.
Finish Line Chief Executive Officer Sam Sato will remain with the surviving corporation and will maintain a seat with the board of directors. Additional executives staying with The Finish Line include Chief Financial Officer Edward Wilhelm, Chief Information and Technology Officer AJ Sutera and Chief Merchandising Officer John Hall.
Sato said in a new release issued by JD "today, 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. Our shared vision and drive to provide a premium retail experience will further our impact as a leading, premium multi-channel retailer of sports, fashion and outdoor brands."
Executive Vice President and Chief Operating Officer Melissa Greenwell has announced her retirement. As a result of the merger agreement, the board tenures of Glenn Lyon, Torrence Boone, William Carmichael, Richard Crystal, Faisal Masud, Stephen Goldsmith and Catherine Langham have ended.
JD Executive Chairman Peter Cowgill says the acquisition is a "momentous step" for the company’s global ambitions. The deal for The Finish Line, he says, "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 U.S."