UK-based sportswear retailer JD Sports has purchased the remaining 40% minority stake in Polish retailer Marketing Investment Group (MIG), making it the sole owner.
The retailer had already acquired a 60% stake in MIG back in April 2021.
Since the initial acquisition, JD Sports created the JD fascias in five countries across Central and Eastern Europe, operating 18 JD stores.
In addition, MIG continues to trade through Sizeer and other complementary fascias, offering a wide range of sports footwear, apparel and equipment from leading global brands.
In the fiscal year ending 31 January 2023, the retailer generated approximately £270m ($343m) in revenue.
The deal is subject to customary competition approval by the European Commission and is expected to close by the fourth quarter of 2023.
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Financial terms of the transaction have not been disclosed.
JD CEO Régis Schultz said: “Acquiring the remaining 40% stake in MIG allows us to accelerate the development of JD in Central and Eastern Europe, the strong foundations for which have been established alongside the outgoing shareholders.
“Increasing JD’s presence in the region through new store openings and further investment in our omnichannel capabilities is a key part of the strategic growth plan set out at our Capital Markets Day presentation.
“The complementary Sizeer brand provides a strong platform for the MIG business and the JD brand has evidenced strong initial traction with the consumer, which we will continue to build upon. We look forward to closing the transaction and continuing an exciting journey with the local management team.”
Last month, JD Sports revealed plans to acquire the remaining shares of Iberian Sports Retail Group (ISRG) for €500.1m ($544.9m).