JD Sports Fashion plc, the Bury-based FTSE 100 retailer, said it agreed to sell 22.75 million ordinary shares at a price of £2.15 per placing share in Liverpool-based Applied Nutrition plc, the sports nutrition, health, and wellness brand.

Gross proceeds from the placing amount to £49 million.

The shares being sold represent 9.1% of Applied Nutrition’s issued share capital. As a result of the transaction, JD Sports Fashion no longer holds an interest in Applied Nutrition.

Peel Hunt LLP acted as sole bookrunner for the placing.