The Finish Line Snapped Up by JD Sports
A deal value of approximately $558 million, The Finish Line has been acquired by JD Sports Fashion Plc, the leading European retailer of sports, fashion and outdoor brands. Headquartered in Indianapolis, IN, Finish Line operates approximately 930 stores in U.S. malls and shops inside Macy’s department stores.
“Finish Line has long admired JD and their commitment to serve customers with premium brands through a unique and innovative retail experience,” says Sam Sato, CEO of Finish Line. “We are thrilled to partner with them and look forward to realizing the impact we will have on the marketplace together.”
“We are extremely excited to be joining up with Finish Line, a well-established US operator,” states Peter Cowgill, executive chairman of JD. “The acquisition represents an excellent opportunity for JD to establish its market leading, multi-brand proposition in the world’s largest athleisure market. It immediately offers a major presence in the U.S., a clear next step to further increase our global scale. 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 U.S. 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.”
The merger (voted unanimously by Finish Line board) is subject to Finish Line and JD shareholder approval, the receipt of all required regulatory approvals and the satisfaction of other customary conditions to closing. The expected timeline to close on the agreement is no earlier than June 2018.