Hibbett, Inc. Acquired by JD Sports Fashion for $1.1B

We represented Hibbett, Inc. (Nasdaq:HIBB), an athletic-inspired fashion retailer, in its acquisition by JD Sports Fashion plc (LSE:JD), a leading global omnichannel retailer of sports fashion brands. Under the terms of the merger agreement announced April 23, 2024, JD Sports has acquired all outstanding shares of Hibbett for $87.50 per share in cash, representing an aggregate enterprise value of $1.1 billion. The transaction closed on July 25, 2024, following Hibbett stockholder approval, required regulatory approvals, and the satisfaction of other customary conditions to closing.

Bass, Berry & Sims has served as corporate and securities counsel to Hibbett, Inc. for a number of years, including representation of Hibbett Sports in its acquisition of City Gear, a specialty athletic apparel, accessory and footwear retailer, for $113 million in 2018.

The Bass, Berry & Sims team is led by members Ryan Thomas and Scott Bell and includes corporate attorneys Tyler Huseman, Grant Hauss, Justin Hay, Noah Lewis, Layna Deneen and Tanya McGill; antitrust attorneys Michael Dashefsky, Lucas Smith, Ashley Karnell, Jeremy Gunn and Patrick Zinck; intellectual property attorneys Emily Burrows, Alexandria Davenport and Chelsea Harrison; finance attorney Cindy Sellers; litigation attorneys Britt Latham, Joe Crace and Briana Sprick Schuster; employee benefits attorneys Curtis Fisher and Kimia Movahed; labor and employment attorney Lymari Cromwell; and tax attorneys Philip Lewis, Bryan Metcalf and Taylor Curtis.

“Bass, Berry & Sims is grateful for the opportunity to represent Hibbett in this transformative transaction. We have greatly valued our partnership with Hibbett over the years, and are immensely proud of their success and the future opportunities this will bring for Hibbett and the significant value the transaction will deliver to its shareholders. This transaction builds upon our firm’s long-standing history of representing public companies in the retail industry,” said Ryan.

The transaction was highlighted in several media outlets, including:

Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer with 1,169 Hibbett, City Gear and Sports Additions specialty stores located in 36 states nationwide as of February 3, 2024. Hibbett has a rich history of convenient locations, personalized customer service and access to coveted footwear, apparel and equipment from top brands like Nike, Jordan, New Balance and adidas.

Bass, Berry & Sims has significant experience representing buyers and sellers in both public and private company strategic transactions, as well as extensive familiarity in structuring private equity acquisitions and financings. Serving as corporate and securities counsel to numerous public companies, our work has earned the firm honors in national industry outlets, including being named Law Firm of the Year in 2021 by The M&A Advisor. We’ve consistently been recognized by The M&A Advisor for our deal work, most recently winning the M&A Deal of the Year (Between $1B-$5B) and the Private Equity Deal of the Year (Between $250MM-$1B) in 2023. In addition, the firm has been listed in leading league tables, including being ranked as #19 Most Active in U.S. Private Equity and #7 Most Active in Healthcare PE (PitchBook 2023). To learn more about our team, industry experience and value-add, click here.

We represented Hibbett, Inc. (Nasdaq:HIBB), an athletic-inspired fashion retailer, in its acquisition by JD Sports Fashion plc (LSE:JD), a leading global omnichannel retailer of sports fashion brands. Under the terms of the merger agreement announced April 23, 2024, JD Sports has acquired all outstanding shares of Hibbett for $87.50 per share in cash, representing an aggregate enterprise value of $1.1 billion. The transaction closed on July 25, 2024, following Hibbett stockholder approval, required regulatory approvals, and the satisfaction of other customary conditions to closing.

Bass, Berry & Sims has served as corporate and securities counsel to Hibbett, Inc. for a number of years, including representation of Hibbett Sports in its acquisition of City Gear, a specialty athletic apparel, accessory and footwear retailer, for $113 million in 2018.

The Bass, Berry & Sims team is led by members Ryan Thomas and Scott Bell and includes corporate attorneys Tyler Huseman, Grant Hauss, Justin Hay, Noah Lewis, Layna Deneen and Tanya McGill; antitrust attorneys Michael Dashefsky, Lucas Smith, Ashley Karnell, Jeremy Gunn and Patrick Zinck; intellectual property attorneys Emily Burrows, Alexandria Davenport and Chelsea Harrison; finance attorney Cindy Sellers; litigation attorneys Britt Latham, Joe Crace and Briana Sprick Schuster; employee benefits attorneys Curtis Fisher and Kimia Movahed; labor and employment attorney Lymari Cromwell; and tax attorneys Philip Lewis, Bryan Metcalf and Taylor Curtis.

“Bass, Berry & Sims is grateful for the opportunity to represent Hibbett in this transformative transaction. We have greatly valued our partnership with Hibbett over the years, and are immensely proud of their success and the future opportunities this will bring for Hibbett and the significant value the transaction will deliver to its shareholders. This transaction builds upon our firm’s long-standing history of representing public companies in the retail industry,” said Ryan.

The transaction was highlighted in several media outlets, including:

Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer with 1,169 Hibbett, City Gear and Sports Additions specialty stores located in 36 states nationwide as of February 3, 2024. Hibbett has a rich history of convenient locations, personalized customer service and access to coveted footwear, apparel and equipment from top brands like Nike, Jordan, New Balance and adidas.

Bass, Berry & Sims has significant experience representing buyers and sellers in both public and private company strategic transactions, as well as extensive familiarity in structuring private equity acquisitions and financings. Serving as corporate and securities counsel to numerous public companies, our work has earned the firm honors in national industry outlets, including being named Law Firm of the Year in 2021 by The M&A Advisor. We’ve consistently been recognized by The M&A Advisor for our deal work, most recently winning the M&A Deal of the Year (Between $1B-$5B) and the Private Equity Deal of the Year (Between $250MM-$1B) in 2023. In addition, the firm has been listed in leading league tables, including being ranked as #19 Most Active in U.S. Private Equity and #7 Most Active in Healthcare PE (PitchBook 2023). To learn more about our team, industry experience and value-add, click here.