The price of shares in FTSE 100 clothing retailer JD Sports Fashion (LON:JD.) has seen its share price climb by 6.27% to 793.80p (as of 12:00 GMT) after it announced the acquisition of US retailer DTLR for a cash consideration of roughly $495 million. Management said that the deal would expand and complement the firm’s business in the north and east United States.
CEO Peter Cowgill commented: “This is another exciting milestone in the Group’s development in the United States. Like Shoe Palace, DTLR pride themselves on the deep connection they have with their consumers and the active role they play in the communities that they serve. As such, we intend to retain the DTLR Villa fascia and its proposition“.