JD Sports raises more money to continue acquisition spree

JD Sports Fashion has raised 464 million pounds through the placing of new shares to finance its expansion and capitalise on further acquisition opportunities.

The British sportswear giant placed a total of 58.4 million ordinary shares at 795 pence apiece, representing around 6 percent of its share capital.

Reports first broke last week that the retailer was planning on raising money amid an acquisition spree the company has been on in recent months.

“The board confirms that it is exploring additional funding options with a view to increasing its flexibility to invest in future strategic opportunities and that this may involve a non pre-emptive equity placing,” the company said in a statement last week.

This week, JD Sports announced it would acquire US footwear label DTLR Villa for 495 million dollars, while last month it acquired Leicester-based independent menswear retailer Wellgosh and in December it acquired US footwear retailer Shoe Palace.

The business was also thought to be a frontrunner in the race to snap up Debenhams or assets from Arcadia in recent months but ultimately didn’t.

Photo credit: Images courtesy of JD Sports/Silverburn