JD Sports acquires Shoe Palace for 325 million dollars

JD Sports Fashion Plc has announced that its existing wholly-owned intermediate holding company in the United States, Genesis Holdings Inc has acquired 100 percent of both the issued shares in the Shoe Palace Corporation and the members’ interests in Nice Kicks LLC. The company said in a statement that total cash consideration for the acquisition of Shoe Palace is 325 million dollars, of which 100 million dollars has been deferred and will be paid on various dates over the next 12 months. In addition, the Mersho Brothers will own 20 percent of the enlarged group in the United States.