October 23, 2024
On Tuesday, the EU Commission announced it has authorised, under certain conditions, the acquisition of French chain Courir by British sporting apparel and accessories retailer JD Sports Fashion.
A JD store in France – DR
In response to the Commission’s concerns about unfair competition, the buyer said in a press release that it intends to cede “all Courir stores in Portugal and several stores in various regions of France to Snipes, a direct competitor active in leisure and sporting goods retail.”
It went on to add that “these commitments fully address the competition concerns identified by the Commission, by ensuring sufficient competition and consumer choice in the markets in question.”
In spring 2023, JD Sports entered into negotiations with Equistone Partners Europe, the London-based private equity firm that owns a majority stake in Courir. The takeover agreement was concluded in September 2023.
The sum offered by the British group included €325 million in cash and €195 million in debt assumption.
At the time, France-based Courir was presented as “a leading player in the sporting apparel and footwear industry in Europe,” operating 313 stores mainly in France but also in Spain, Belgium, Portugal, the Netherlands and Luxembourg, plus franchised stores in Africa and the Middle East.
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Publish date : 2024-10-23 11:37:00
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