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JD Sports in MoU with Sport Zone

09 March 2017 07:21

JD Sports Fashion has agreed a memorandum of understanding with Sonae - SGPS, SA.

This sets out the basis for a combination of the JD Group's existing businesses in Spain and Portugal, JD Sprinter Holdings, with the Sport Zone business of Sonae which is one of the largest sports retailers in the region.

This MoU establishes the key parameters for the creation of an Iberian Sports Retail Group that will have as shareholders the JD Group, Sonae and the family shareholders of JD Sprinter, with shareholdings of approximately 50%, 30% and 20%, respectively.

Sonae and JD Sprinter have a deep knowledge of sports retail in Portugal and Spain and both will play a key role in the future strategic and operational management of the Iberian Group.

Story provided by StockMarketWire.com

Related Company: JD.

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