JD Sports, the UK’s largest sportswear retailer, has agreed a deal to buy out the minority investors in its Iberian business as part of an ongoing expansion plan.

The company said that it would pay €500.1 million to buy the 49.98 per cent of shares in Iberian Sports Retail Group (ISRG) currently held by Balaiko Firaja Invest and Sonae Holdings. Following the purchase, JD will have 100 per cent ownership of ISRG.

ISRG operates over 460 stores under the brand names Sprinter in Spain, Sport Zone in Portugal, and Aktiesport and Perry Sport in the Netherlands.

Commenting on the purchase, JD chief executive ​​Régis Schultz said: “By bringing the two businesses closer together, there is significant potential for accelerating growth. We sincerely thank the minority shareholders for their important contributions to the business during our time as partners.”

In February, Schultz said that JD would spend up to £3 billion as part of a radical expansion plan to open as many as 1,750 stores globally within the next five years with plans to become an athletic leisurewear "powerhouse".

JD struck a deal to acquire France's Groupe Courir for €520 million in May. Courir operates 313 stores across six countries in Europe, including France, Spain and Belgium. Also in May, the company agreed to purchase the remaining 20 per cent of JD Sports Fashion Germany.

Earlier this week, JD announced its first ever franchise deal with Dubai-based GMG in a move which will see the retailer enter the Middle East for the first time. The 10-year agreement will see GMG open around 50 stores under the JD brand by 2028, with a focus on locations in the UAE, Saudi Arabia, Kuwait and Egypt. GMG operates more than 500 stores across the world, most notably its flagship brand Sun and Sand Sports.

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