Hibbett, Inc. Announces Definitive Agreement to be Acquired by JD Sports Fashion plc

Hibbett, Inc. (“Hibbett”) (Nasdaq:HIBB), an athletic-inspired fashion retailer, today announced a definitive agreement in which JD Sports Fashion plc (“JD Sports”) (LSE:JD) will acquire all outstanding shares of Hibbett for $87.50 per share in cash, representing an aggregate enterprise value of approximately $1.1 billion.

Mike Longo, President and Chief Executive Officer of Hibbett said, “Today’s announcement is a true testament to all that our Hibbett | City Gear teams have built over the years and reinforces the strength of our brands, our close relationships with our vendor partners, and our team of dedicated colleagues across the country. JD Sports is a well-respected global leader in athletic footwear and fashion that, like us, is committed to the communities and customers it serves. We are thrilled to begin this new chapter with JD Sports, and believe the transaction will enable us to fulfill our customer-oriented mission even more effectively for years to come.”

Anthony Crudele, Chairman of the Board of Directors of Hibbett, said, “The transaction with JD Sports will create immediate, certain and substantial value for Hibbett stockholders while ensuring that our brands are well-positioned to continue to serve the customers and communities that have always been the central focus of Hibbett’s business. The Board unanimously agreed that this transaction is the best path to maximize the value of Hibbett, and I am proud of what this company and our outstanding team have accomplished for all stakeholders.”

“Today is a significant milestone for JD Sports as we take this transformative step as a global leader in the sports fashion industry through this transaction with Hibbett,” said Régis Schultz, Chief Executive Officer of JD Sports. “We’re thrilled to acquire Hibbett | City Gear, combining two of the most respected athletic retail brands in the United States, as we continue to strategically expand our global multi-brand platform. With Hibbett’s highly complementary footprint, this transaction represents a logical next step in our strategic growth plans, further enabling us to meet the dynamic demands of consumers globally.”

Additional Transaction Details

The Board of Directors of Hibbett has unanimously approved the definitive merger agreement and the transaction. The transaction is expected to close in the second half of 2024, subject to receipt of Hibbett stockholder approval, receipt of required regulatory approvals, and the satisfaction of other customary conditions to closing. The transaction is not subject to a financing condition.