JD Sports Fashion plc, the Bury-based FTSE 100 retailer, announced it has exercised its rights under a call option and entered into a conditional agreement to acquire the outstanding 40% minority stake of Poland-based Marketing Investment Group S.A. (MIG) from its minority shareholders and will become the 100% sole owner of MIG.

JD Sports said it originally acquired a 60% stake in MIG in April 2021 and since then has established the JD fascia in five countries across Central and Eastern Europe operating 18 JD stores.

“MIG also continues to trade profitably through Sizeer and other complementary fascias, selling a wide range of sports footwear, apparel and equipment from leading global brands,” said JD Sports.

“In the year ended 31 January 2023, MIG generated revenues of approximately £270 million.

“Completion of the acquisition is subject to customary competition approval by the European Commission and anticipated no later than Q4 2023.”

JD Sports CEO Régis Schultz said: “Acquiring the remaining 40% stake in MIG allows us to accelerate the development of JD in Central and Eastern Europe, the strong foundations for which have been established alongside the outgoing shareholders.

“Increasing JD’s presence in the region through new store openings and further investment in our omnichannel capabilities is a key part of the strategic growth plan set out at our Capital Markets Day presentation.

“The complementary Sizeer brand provides a strong platform for the MIG business and the JD brand has evidenced strong initial traction with the consumer, which we will continue to build upon.

“We look forward to closing the transaction and continuing an exciting journey with the local management team.”