Hibbett Stock Soars. JD Sports Fashion Is Buying the Retailer. -- Barrons.com

Dow Jones04-23

By Emily Dattilo

Shares of the athletic fashion retailer Hibbett are soaring in response to news that it will be acquired by JD Sports Fashion for about $1.1 billion.

JD Sports will pay $87.50 per share in cash for Hibbett, representing a 21% premium to its closing price of $72.49 on Monday.

Hibbett stock was up 19% to $86 in early trading Tuesday, while American depositary receipts for JD Sports fell 1% to $1.43. The S&P 500 edged 0.4% higher.

"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," JD Sports CEO Régis Schultz said in a statement.

The transaction, which was unanimously approved by Hibbett's board of directors, is expected to close in the second half of 2024.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 23, 2024 09:34 ET (13:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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