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JD Sports completes acquisition of Finish Line

JD Sports Fashion PLC completed its acquisition of Indiana-based sportswear retailer Finish Line Inc., the U.K. company said June 18 in a stock exchange filing.

In a separate same-day release, Finish Line, which operates approximately 930 branded locations across the U.S., including concessions inside Macy's Inc. department stores, said it is now an indirect, wholly owned subsidiary of JD Sports.

Under the transaction, the Pentland Group plc unit purchased Finish Line for about $558 million, or $13.50 per share, with the U.S. company's executive team remaining involved with the business upon completion.

Peter Cowgill, executive chairman of JD Sports, said in a statement that the acquisition "marks a momentous step in JD Sports' global expansion and represents an exciting opportunity to bring our market-leading, multi-brand retail proposition to the world's largest athleisure market, both online and in stores."

The U.K. Listing Authority approved the deal May 30, after which it received approval from Finish Line shareholders June 11 and from JD Sports shareholders during the company's annual general meeting June 15.

Barclays served as lead financial adviser to JD Sports, with Hughes Hubbard & Reed LLC, Addleshaw Goddard LLC and Taft Stettinius & Hollister LLP serving as legal counsel. Barclays, HSBC Bank and PNC Bank NA provided financing to JD Sports in connection with the transaction.

Barnes & Thornburg LLP served as legal counsel to Finish Line, with PJ Solomon as lead financial adviser, Houlihan Lokey Capital Inc. as financial adviser and Faegre Baker Daniels LLP as legal counsel to the company's special committee of the board of directors.