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04 Feb 2021 | 00:17

JD Sports set for cash raise to fund expansion plans

(Sharecast News) - JD Sports Fashion on Wednesday said it was looking to raise more than £475m in a share issue to "invest in the expansion of the group and to capitalise on acquisition opportunities. The company said it will sell about 6% of its share capital. Based on Wednesday's closing market value of £7.93bn JD Sports would raise £475.8m.

It has been pursuing an aggressive expansion strategy in the US, and this week bought east coast sportswear retailer DTLR Villa for $495m. That followed the $325m purchase of Shoe Palace last month.

The placing will be conducted through an accelerated bookbuild. Investec Bank and Peel Hunt are co-ordinators and joint bookrunners.

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