UK-based sportswear and fashion retailer Frasers Group has signed a binding agreement to acquire German sports retailer SportScheck.

Financial terms of the transaction have not been disclosed. The transaction has been signed with Signa Retail Department Store.

SportScheck operates a network of 34 stores in prime city locations across the country, with more than 13 million visitors per year.

The retailer generates approximately €350m ($369.63m) in annual revenue.

The addition of SportScheck will help Frasers strengthen its presence in Germany, which is one of Europe’s leading sports markets.

The deal is subject to Merger Control Clearance and is expected to close in the first quarter of 2024.

Frasers Group CEO Michael Murray said: "Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA - and we are delighted to do this with the full support of major global brand partners, adidas and NIKE.

“Growing and expanding our Sports business is a key focus area in becoming an international retail business. The German market represents a huge opportunity for us, and we look forward to bringing our experience, resources and relationships to strengthen the SportScheck business."

In its stock exchange filing, Frasers said that SportScheck will benefit from its Elevation Strategy.

Under this strategy, the company invests in store concepts, digital capabilities and brand relationships to improve performance across its business.

In June this year, Frasers Group acquired stakes in online fashion seller boohoo and electricals retailer Currys.