Pentland Group, the largest shareholder in JD Sports, has sold a stake in the sportswear retailer worth £177m.
Pentland, which owns sportswear brands such as Speedo and Berghaus, has sold 24 million shares in JD Sports, at 740p each.
The company will now have a 55% stake in the FTSE 100 retailer, ran by executive chairman Peter Cowgill, having first purchased a 57.5% holding in the business in 2005. It has committed to not reducing its stake below 50% and will retain its position as the majority shareholder.
Stephen Rubin, chairman of Pentland Group, commented: “Pentland is committed to remaining a long-term majority shareholder in JD at the same time as growing our portfolio of sports, outdoor and fashion brands through organic investment and acquisitions. Today’s share sale enables us to further this strategy by realising a small portion of our shareholding in JD to fund future investment activity, as well as increasing the free float to meet the increasing interest expressed in JD by other shareholders.”