JD SPORTS has unveiled plans to combine its businesses in Spain and Portugal with Sonae-owned Sport Zone.
In an announcement to the stock market this morning, UK-based JD Sports said it has agreed a Memorandum of Understanding with Sonae. This will establish the key parameters for the creation of an Iberian Sports Retail Group.
The group could become the second largest sports retailer in the region.
The statement said: “Sonae and JD Sprinter have a deep knowledge of sports retail in Portugal and Spain and both will play a key role in the future strategic and operational management of the Iberian Group.
“With an estimated combined turnover over €450 million and a store network of 287 stores (191 of which are in Spain and 96 are in Portugal), the Iberian Group will become the second largest Iberian Sports Retailer and will generate further scale, momentum and resources to continue the current growth of the JD Group.”