May 9 (Reuters) – JD Sports Fashion (JD.L) has proposed shopping for France’s Groupe Courir for an enterprise worth of 520 million euros ($572 million), in what could be the British sportswear group’s first acquisition since setting out formidable enlargement plans in February.

Courir, which trades from 313 shops throughout six international locations in Europe, is presently majority owned by Equistone Partners Europe which acquired it in 2018.

JD Sports mentioned on Tuesday that in accordance with French regulation Courir’s administration will begin a session course of with its worker consultant our bodies earlier than a binding sale and buy settlement could be reached.

Given the deal additionally requires the approval of the European Commission, JD mentioned it was not anticipated to finish earlier than the second half of 2023.

JD mentioned it might pay 325 million euros for Courir, funded by way of present money assets, and tackle debt of 195 million euros.

($1 = 0.9084 euros)

Reporting by Eva Mathews in Bengaluru

Our Standards: The Thomson Reuters Trust Principles.