JD Sports set to purchase Hibbett Sports in a $1.1 billion agreement

JD Sports Fashion PLC has agreed to acquire Hibbett Sports, selling outstanding shares for $87.50 per share, bringing the total enterprise value to nearly $1.1 billion.

JD Sports Fashion PLC has agreed to acquire Hibbett Sports, the company announced on Tuesday. The outstanding shares of the Birmingham, Alabama-based retailer of sports apparel and equipment will be sold to JD Sports for $87.50 per share in cash as part of the agreement, for a total enterprise value of almost $1.1 billion.

Hibbett President and CEO Mike Longo emphasizes that this news underscores the robustness of their brands, the strong bonds with their vendor partners, and the dedication of their team members nationwide. It truly reflects the achievements of the Hibbett | City Gear teams throughout the years.

The Hibbett Board of Directors unanimously approved the transaction, and it is anticipated to close in the second half of 2024. The agreement is contingent upon the approval of Hibbett stockholders, obtaining necessary regulatory clearances, and fulfilling further customary closing conditions. After the agreement is completed, Hibbett will no longer be a publicly traded business.

After the deal closes, Hibbett will become a part of the global JD Sports family of retail businesses, with its corporate headquarters staying in Birmingham. Rufus Hibbett established Hibbett Sports in 1945 under the name Dixie Supply Co. It changed its name to Hibbett & Sons after seven years. The company, which has more than 1,000 locations nationwide, went public on the NASDAQ in 1996.