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JD Sports’ Iberian acquisition cleared

JD Sports Fashion has been given the green light by the European Commission to buy retailer Sport Zone, which is based in Portugal, Spain and the Canary Islands.

The deal, which was first announced in September, completed on 31 January.

Peter Cowgill, executive chairman of JD Sports, said: “The financial benefit derived from Sport Zone will depend on how quickly we can deal with the store portfolio, rejuvenate the offer and realise the necessary cost reductions and synergies. We therefore do not anticipate that the acquisition will be immediately earnings enhancing.

“However, we remain firm in our belief that, utilising the skills of the very experienced and knowledgeable management team at Sport Zone and our own expertise, there are significant opportunities to improve operational efficiencies and profitability over the longer term across the enlarged Iberian business.”

Meanwhile, JD Sports’ former chief executive Barry Bown will join Footasylum in a consulting role on 1 March before joining the board as executive chairman on or around 1 June.

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