JD Group, the leading retailer of sports, fashion and outdoor brands, announces that it has agreed a Memorandum of Understanding with Sonae. This sets out the basis for a combination of the JD Group's existing businesses in Spain and Portugal, JD Sprinter Holdings ('JD Sprinter'), with the Sport Zone business of Sonae which is one of the largest sports retailers in the region.
This MoU establishes the key parameters for the creation of an Iberian Sports Retail Group (Iberian Group) that will have as shareholders the JD Group, Sonae and the family shareholders of JD Sprinter, with shareholdings of approximately 50%, 30% and 20%, respectively. Sonae and JD Sprinter have a deep knowledge of sports retail in Portugal and Spain and both will play a key role in the future strategic and operational management of the Iberian Group.
With an estimated combined turnover over €450m and a store network of 287 stores (191 of which are in Spain and 96 are in Portugal), the Iberian Group will become the second largest Iberian Sports Retailer and will generate further scale, momentum and resources to continue the current growth of the JD Group.
The JD Group will make its Preliminary Results Announcement for the 52 weeks ending 28 January 2017 on 11 April 2017.
