british group JD Sports announced this friday will buy 49.98% of its matrix Sprinter in the hands of the holding company Balaiko Firaja Invest The Segarra family from Elche– and the Portuguese Sona Holding. This is how it will be sole shareholder of the Iberian Sports Retail Group (ISRG) In an operation that also includes other chains such as Sport Zone in Portugal or Aktiesport and Perry Sport in the Netherlands will pay 500.1 million Euro, according to information the multinational company sent to the regulator of the British market, where it was listed.
Decision comes later The challenge initiated by Segarra and Sonae to the British group last May when they decided to activate the so-called buy or sell item their contract and forced JD to sell them their stake in the group or buy their bundle. full-fledged divorce petition justified by continuing differences in strategy As Elche and people from Portugal are determined to continue to grow with Sprinter, as JD wants to put more emphasis on its own brand as it does in Europe.
In an interview with the economic supplement of Prensa Ibérica Activos, brothers Ángel and David Segarra explained that their purpose in implementing the substance stay with the company and keep running the business HE her parents had founded it in 1995, with business family Bernad. But JD Sports’ decision to hold 100% of the group excludes them from ownership.
This The alliance between Sprinter and JD started in 2011, When the British entered the company capital of Alicante as part of its strategy to appeal to the Iberian market. After several years of expansion, in 2017 when they decided to add their efforts to Portugal sona Through a ‘joint venture’ that led to the creation of the ISRG group.
So far, JD owns 50.02% of the shares, Sonae 29.9% and the Segarra family through Balaiko Firaja Invest the remaining 19.9% of the property.
The decision of the British multinational still needs to be approved by its own government. general assembly of shareholdersIt is scheduled for next September, although the company management has already secured its approval by obtaining its approval. Pentland Group Limited, main shareholder.
The operation also has the support of the company’s board of directors, which aims to advise shareholders to vote in their favour. In this sense, all executives who own the company’s ordinary shares (a total of 1.5 million units) have already demonstrated their willingness to support the transaction. Like this, Already 51.6% of the capital would have positive votes.
The company plans to pay for the operation available cash resourcesAccording to the letter sent to the London Stock Exchange
The group highlights opportunities to continue to develop the Sprinter and Sport Zone, and states that the ISRG team in Iberia will play an important role in further developing the JD brand in this market as well as in other geographies.
ISRG’s last financial year in some 1,239.3 million euros in sales, Consolidated profit of €96.6 million, 19.4% higher than in the previous year, almost 32% higher. Today the group operates more than 460 stores in Europe, including JD in Iberia, Sprinter in Spain, Sport Zone in Portugal and Aktiesport and Perry Sport in the Netherlands. He also owns a 98% stake in Deporvillage, an online business specializing in cycling, and a 50.1% stake in the Bodytone fitness equipment business.
The share change comes in full expansion of Sprinter, which already has 212 establishments, including the first megastore opened in Alcorcón in April.