JD Sports Fashion has proposed buying France's Groupe Courir for an enterprise value of €520m, in what would be the British group's first acquisition since setting out ambitious expansion plans in February.
JD currently trades from over 3,400 stores across 32 countries, including Ireland, Britain, France, Germany, the US and Australia.
Courir has 313 stores across six countries in Europe, including France, Spain and Belgium.
It is currently majority owned by Equistone Partners Europe which acquired it in 2018.
JD Sports said today that in accordance with French law Courir's management will start a consultation process with its employee representative bodies before a binding sale and purchase agreement can be reached.
Given the deal also requires the approval of the European Commission, JD said it was not expected to complete before the second half of 2023.
It said it would pay €325m for Courir, funded through existing cash resources, and take on debt of €195m.
Courir made a profit of €47.4m on revenue of €609.8m in 2022.
In February, JD said it would spend up to £3 billion to open as many as 1,750 stores over five years, as CEO Régis Schultz outlined his plans for the retailer to become an athletic leisurewear "powerhouse".
The group also said today it had completed the purchase of the remaining 20% of JD Sports Fashion Germany.
It is also in talks with the minority shareholders of Iberian Sports Retail Group over its future ownership.
Shares in JD are ip 33% so far this year.
