JD Sports is offering £90.1m to acquire fashion retailer Footasylum in the UK. Credit: Samuel Wiki.

British sports fashion retailer JD Sports has agreed to acquire fashion chain Footasylum for a total consideration of approximately £90.1m ($119.54m).

The deal values the entire issued and to be issued ordinary share capital of Footasylum at 82.5p a share in cash.

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JD Sports will finance the total cash consideration from its existing cash resources and facilities. It also believes that the transaction will offer significant operational and strategic benefits for both companies.

The deal follows JD’s acquisition of an 18.7% stake in Footasylum last month.

“The Footasylum board has concluded that the offer represents the best strategic option for Footasylum and its employees.”

JD Sports executive chairman Peter Cowgill said: “We are pleased to make this offer for Footasylum, which is very complementary to our existing businesses in the UK.

“We believe that there will be significant operational and strategic benefits through the combination of the very experienced and knowledgeable management team at Footasylum and our own expertise.”

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The sportswear retailer also noted that the combined business will focus on the new business opportunities on a standalone basis.

In addition, the directors of Footasylum expressed their intention to recommend unanimously its shareholders to accept the offer.

Footasylum executive chairman Barry Bown said: “The Footasylum board has concluded that the offer represents the best strategic option for Footasylum and its employees.

“It believes the offer fairly reflects Footasylum’s current market position and prospects on a standalone basis and, as such, that Footasylum shareholders should be given the opportunity to realise value from the offer.”

Established in 2005, Footasylum offers a range of sports and casual footwear and apparel brands, as well as own label products.