Birmingham, Ala. — Hibbett, Inc., an athletic-inspired fashion retailer, has entered into a definitive merger agreement in which JD Sports Fashion plc will acquire Hibbett for $1.1 billion. Following the closing of the transaction, Hibbett will join the JD Sports family of athletic footwear and fashion retail brands and will cease to be a publicly traded company.
Mike Longo will continue to serve as president and chief executive officer, while Jared Briskin will take on the role of chief operating officer of Hibbett. Hibbett will maintain its corporate headquarters in Birmingham, Ala.
“Today’s announcement is a true testament to all that our Hibbett | City Gear teams have built over the years and reinforces the strength of our brands, our close relationships with our vendor partners and our team of dedicated colleagues across the country,” says Longo. “JD Sports is a well-respected global leader in athletic footwear and fashion that, like us, is committed to the communities and customers it serves. We are thrilled to begin this new chapter with JD Sports.”
“Today is a significant milestone for JD Sports as we take this transformative step as a global leader in the sports fashion industry through this transaction with Hibbett,” says Régis Schultz, CEO of JD Sports. “We’re thrilled to acquire Hibbett | City Gear, combining two of the most respected athletic retail brands in the United States, as we continue to strategically expand our global multi-brand platform. With Hibbett’s highly complementary footprint, this transaction represents a logical next step in our strategic growth plans, further enabling us to meet the dynamic demands of consumers globally.”
The board of directors of Hibbett has unanimously approved the definitive merger agreement and the transaction. The transaction is expected to close in the second half of 2024, subject to receipt of Hibbett stockholder approval, receipt of required regulatory approvals and the satisfaction of other customary conditions to closing. The transaction is not subject to a financing condition.
Solomon Partners Securities, LLC is serving as financial advisor to Hibbett, and Bass, Berry & Sims PLC is serving as its legal counsel.
Baird and Rothschild & Co are serving as financial advisors to JD Sports, and Freshfields Bruckhaus Deringer LLP is serving as its legal counsel.
Hibbett, headquartered in Birmingham, Ala., is a leading athletic-inspired fashion retailer with 1,169 Hibbett, City Gear and Sports Additions specialty stores located in 36 states nationwide as of February 3, 2024. For more information, visit www.hibbett.com.
Founded in 1981, the JD Group is a leading global omnichannel retailer of sports fashion brands — including Nike, Adidas and The North Face. JD had 3,313 stores worldwide as of March 2, 2024.
SOURCE: Hibbett, Inc.