Sonae and JD Sports Fashion join forces to conquer the Iberian market

Sonae and JD Sports Fashion will go into business together to create the second largest sports retailer in the Iberian market. The Portuguese conglomerate has bought into JD Sports Iberia division.

As reported over the weekend, Sonae advanced that the agreement foresees combining the JD Group and JD Sprinter businesses with that of Sport Zone in Spain and Portugal.

The new entity will see its equity shared as follows: 50 percent by the JD Group, 30 percent by Sonae and 20 percent by the JD Sprinter’s family shareholder.

“Both Sonae and JD Sprinter have extensive knowledge of the sports business in the Iberian Peninsula and both will play a key role in the strategic an operational management of the group they are going to set up”, they said in a communication sent to the Portuguese Stock Exchange Commission (CMVM).

The new group’s members had an estimated turnover of over 450 million euro last year and a chain of 287 stores (191 in Spain and 96 in Portugal), calculates ‘The Portuguese News’.