CLOSINGS: View Closings

European company to acquire Indianapolis-based Finish Line in $558 million deal

A European firm will buy Indianapolis-based athletic apparel company Finish Line in a deal worth $558 million, the companies announced Monday.

Posted: Mar 27, 2018 8:57 AM
Updated: Mar 27, 2018 9:41 AM

INDIANAPOLIS, Ind. (WTTV) – A European firm will buy Indianapolis-based athletic apparel company Finish Line in a deal worth $558 million, the companies announced Monday.

According to a news release from the Finish Line, JD Sports Fashion Plc will acquire 100% of issued and outstanding Finish Line stock valued at $13.50 per share. The company said that’s a 28% premium compared to the company’s closing price of $10.55 on March 23.

JD Sports Fashion Plc, which is based in the United Kingdom, bills itself as the “leading European retailer of sports, fashion and outdoor brands.”

“The Special Committee appointed by the Finish Line board recommended and the board voted unanimously to approve entering into this merger agreement,” said Bill Carmichael, chairman of the Special Committee and lead director of the Finish Line Board of Directors. “With JD, Finish Line achieves immediate value for its shareholders and moves into a stronger position to compete as part of a global enterprise that leads in our industry.”

JD Executive Chairman Peter Cowgill called the deal “an excellent opportunity” for his company that will provide an immediate and “major presence” in the U.S. market.

The merger is subject to shareholder approval from both companies as well as regulatory approvals and other conditions. The companies expect to close the deal by June.

Finish Line about 930 stores nationwide at malls and Macy’s locations. The company employs about 13,000 people.

This story was originally posted by WTTV.

Article Comments

Terre Haute
Few Clouds
83° wxIcon
Hi: 87° Lo: 62°
Feels Like: 84°
Robinson
Scattered Clouds
84° wxIcon
Hi: 86° Lo: 59°
Feels Like: 86°
Indianapolis
Broken Clouds
80° wxIcon
Hi: 82° Lo: 61°
Feels Like: 81°
Rockville
Few Clouds
83° wxIcon
Hi: 84° Lo: 61°
Feels Like: 84°
Casey
Scattered Clouds
85° wxIcon
Hi: 85° Lo: 61°
Feels Like: 86°
Brazil
Few Clouds
83° wxIcon
Hi: 84° Lo: 61°
Feels Like: 84°
Marshall
Few Clouds
83° wxIcon
Hi: 84° Lo: 60°
Feels Like: 84°
Sunny and warm again.
WTHI Planner
WTHI Temps
WTHI Radar

Latest Video

Image

News 10's 1995 Coverage of case involving Jerry Russell Sr.

Image

Tuesday Afternoon Weather

Image

Fall Time Healing With Judy Monday September 23rd 1pm-4pm

Image

Tuesday: partly cloudy, warm. high: 86

Image

All You Need to Know for Tuesday

Image

WV vs. Northview

Image

Monday Late Forecast

Image

NAACP and VCSC team up to discuss school safety and gun violence

Image

ISU preps for EIU

Image

Moala wins MVFC DPOW

WTHI Events