European sportswear retailer JD Sports Fashion has announced a conditional acquisition agreement to acquire US-based sportswear retailer The Finish Line for $558m.

The deal will allow JD to expand its business in the US and global sportswear market, while securing a significant physical and online retail presence.

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Finish Line offers multi-branded athletic footwear, apparel and accessories in the US and operates 556 branded retail stores in 44 US states and Puerto Rico.

It also operates 375 branded and 188 unbranded concessions within Macy’s stores.

“The acquisition represents an excellent opportunity for JD to establish its market leading multi-brand proposition in the world’s largest athleisure market.”

JD executive chairman Peter Cowgill said: “The acquisition represents an excellent opportunity for JD to establish its market leading multi-brand proposition in the world’s largest athleisure market. It immediately offers a major presence in the US, a clear next step to further increase our global scale. Finish Line has many similarities to JD with a strong bricks and mortar offering complemented by an advanced and well-invested digital platform.

“Our combined extensive knowledge of the retail market and our product and marketing relationships with global brand partners will benefit our customers, in turn supporting the continued future growth of JD.JD plans to raise funds for the acquisition by revolving its credit facility and through a new asset backed lending facility secured against Finish Line.”

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The acquisition is subject to the approval of shareholders from both companies.

The deal is expected to be completed by June 2018, following which Finish Line’s executive team will continue their involvement with the business.