JD Sports has announced a deal to acquire 60% of a £200m-turnover European retail giant.
The Bury-headquartered listed company has entered into a conditional agreement for the majority stake in Marketing Investment Group S.A.
Based in Krakow, Poland, and founded in 1989, MIG is currently majority owned by brothers Andrzej and Zbigniew Grząka.
The business operates 410 retail stores and associated trading websites across nine countries in central and eastern Europe, selling a wide range of sports fashion footwear, apparel and accessories from leading global brands primarily under the Sizeer and 50 Style fascias.
In the year ended January 31, 2020, MIG generated revenues of approximately £200m.
Completion of the acquisition is subject to customary closing conditions, including approval by the competition authorities in Poland.
In a statement to the London Stock Exchange, JD and MIG said they "anticipate" completing the acquisition before the end of May.
Peter Cowgill, executive chairman of JD Sports Fashion, said: "This is an exciting acquisition for JD that will further build on the success of our international development strategy, expanding our operations into central and eastern Europe.
"We have observed and admired the development of MIG over a number of years and we are confident that the combination of their highly experienced and knowledgeable management team, together with the expertise of the JD leadership team, will provide the group with strong foundations from which to successfully optimise the opportunities in the region.
"We look forward to closing the transaction and welcoming the MIG team to the group."
