JD Sports Fashion plc, the Bury-based FTSE 100 retailer, announced on Thursday the completion of its acquisition of Alabama-based athletic fashion retailer Hibbett following receipt of the approval of Hibbett’s stockholders at a special meeting of stockholders.

JD Sports said on April 23 it proposed to acquire Hibbett Inc for about $1.08 billion in cash, saying the transaction represented “an important strategic milestone for the group, accelerating its growth plans in North America and aligning with the group’s stated strategy of enhancing its presence in the world’s biggest and most attractive sportswear market.”

Headquartered in Birmingham, Alabama, Hibbett is a leading sports fashion-inspired retailer with 1,169 stores, as of May 4, 2024, located in communities in 36 states across the US. Its main retail fascias are Hibbett and City Gear. In the 53 weeks ended February 3, 2024, Hibbett reported net sales of $1.729 billion, EBITDA of $186 million and profit before tax of $132 million.

JD Sports Fashion CEO Régis Schult said on Thursday: “The completion of our acquisition of Hibbett is an important strategic milestone for us in North America and we look forward to working with its experienced management team to deliver on our growth plans in the largest sportswear market in the world.

“Strategically, this acquisition enhances our presence within North America and achieves our objective of strengthening our existing community concepts: Shoe Palace on the West Coast and DTLR on the East Coast. Hibbett’s footprint is highly and fully complementary …

“Hibbett also provides an enhanced platform for the mall-led, nationwide growth of the JD brand in North America with its efficient supply chain and strong back office. The completed deal is expected to be earnings accretive from the first full year following acquisition, with expected cost synergies of at least $25 million over the medium term.

“Acquiring Hibbett will strengthen our brand relationships further as we continue to deliver a differentiated and world-class omnichannel proposition for customers.”