JD Sports has completed a fundraise for £464m, which it will use to drive its expansion and capitalise on acquisition opportunities in new and existing markets.
JD Sports’ successful fundraise, which represents 6% of its share capital, comes hot on the heels of the sports fashion retailer snapping up Baltimore-based business DTLR earlier this week for $495m (£364m).
It is understood the retailer has no further US acquisitions on the horizon, having acquired DTLR earlier this week and Shoe Palace for $325m (£239m) in December. JD Sports may use funds raised in part for further US flagships in key cities following the successful launch of its New York flagship in Times Square last year.
It is understood the business is also in talks with potential acquisitions in Eastern Europe and southern Africa, and that deals in both these territories may be imminent.
Approximately 58.4 million new shares were placed at 975p for the fundraise by Investec and Peel Hunt.
Speaking to Retail Week earlier this week following its acquisition of DTLR, JD Sports boss Peter Cowgill said “this is a monumental period in the development of JD Sports as a business” and that the brand was “sought after” in other international markets where it did not currently have a presence.
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