JD Sports buys US-based Hibbett for $1.08bn

JD Sports Fashion on Tuesday said it was buying US sports fashion retailer Hibbett for $1.08bn (£878m).

Headquartered in Birmingham, Alabama, Nasdaq-listed Hibbett has 1,169 stores in 36 states across the US trading under the Hibbett and City Gear fascias.

JD Sports said it would pay $87.50 a share in cash for Hibbett stock.

Reporting by Frank Prenesti for Sharecast.com