Sonae rises as JD Sports says it will buy co's stake in ISRG

Sonae SGPS SA

07/07/2023 13:10

**  Shares in Portuguese holding company Sonae  YSO.LS  jump
2.8% after JD Sports Fashion  JD.L  said it planned to become
the sole shareholder of Iberian Sports Retail Group (ISRG)
    ** Britain's biggest sportswear retailer intends to buy the
49.98% stake in ISRG currently held by Sonae and Balaiko Firaja
Invest
    ** Sonae says the 30% minus 1 share it currently holds
represent an estimated capital gain of 175 mln euros ($190.6
mln)
    ** It expects the transaction to be completed by the end of
2023
    ** The Sonae stock is on track for best day since February
    ** Shares in JD Sports are up around 1%

($1 = 0.9183 euros)

 (Reporting by  Maria Luiza Amaral)
 ((mia.amaral@thomsonreuters.com))