Shares in FTSE 100 retailer JD Sport Fashion (LON:JD.) rose 2.88% to 813.40p (as of 11:05 GMT) after it announced the acquisition of US chain Shoe Palace. The total cash consideration for the purchase in $325 million, of which $100 million is deferred, as well as shares equal to 20% of JD’s US subsidiary Genesis.
Executive Chairman Peter Cowgill commented: “We are delighted to have completed the acquisition of Shoe Palace. The Shoe Palace team are ambitious, have great energy and pride themselves on their consumer connection and we welcome them to the Group. We are confident that our combined fascias will provide us with the flexibility and expertise to fulfil our mutual ambition of becoming a prime customer destination for sneakers and lifestyle apparel in the United States”.