JD Sports to buy Footasylum at half its float price
Deal comes after company raised its stake in the footwear retailer to 18% a month ago
Bengaluru— JD Sports Fashion has agreed to acquire Footasylum in a deal valued at up to £90m, only half of what the sportswear retailer was valued at when it went public in late 2017. Footasylum shares jumped 74% on Monday, trading slightly below JD’s all-cash offer price of 82.5p per share. The company’s initial public offering was priced at 164p in November 2017. The agreement comes a month after JD Sports raised its stake in the retailer to 18%. At that time, the company said it was not planning to make an offer for Footasylum. Footasylum was founded in 2005 by David Makin, who had earlier been one of the co-founders of JD Sports. Makin was joined by his JD Sports co-founder John Wardle, who was the CEO of Footasylum from 2008 until 2015 and later became its executive chair. Makin and Wardle had been bought out by JD’s current majority owner Pentland Group in 2005 and they later resigned as directors of JD Sports. Footasylum sells footwear and apparel primarily to 16- to 24-year-...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.