JD Sports buys 80% stake in Greece's Cosmos Sport

22nd Oct 2021 07:04

(Sharecast News) - JD Sports Fashion on Friday said it had bought 80% of family-owned Greek firm Cosmos Sport for an undisclosed sum.
Cosmos operates 57 stores in Greece and three in Cyprus under a variety of retail banners and associated trading websites and is 70% owned by the Tsiknakis Family with EOS Capital Partners holding a 30% stake. EOS have disposed of their entire holding in this transaction.

JD Sports said the size of the deal did not meet the thresholds for mandatory notification under UK listing rules, but confirmed that put and call options have been agreed, to enable future exit opportunities for the Tsiknakis Family.

In the year ended to December 31 2020, Cosmos generated revenues of approximately €52m.