Portuguese conglomerate Sonae has signed an agreement with JD Sports Fashion, the UK’s leading retailer of sports brands and JD Sprinter Holding to create the second largest sports retailer in the Iberian Peninsula.
Sonae said the agreement foresees combining the JD Group and JD Sprinter businesses with that of Sport Zone in Spain and Portugal.
The new entity will be controlled 50% by the JD Group, 30% by Sonae and 20% by the family shareholder of JD Sprinter.
“Both Sonae and JD Sprinter have extensive knowledge of the sports business in the Iberian Peninsula and both will play a key role in the strategic an operational management of the group they are going to set up”, they said in a communiqué sent to the Portuguese Stock Exchange Commission (CMVM).
The new group’s members had an estimated turnover of over €450 million last year and a chain of 287 stores (191 in Spain and 96 in Portugal).