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British sports retailer JD Sports has announced plans to combine its Spanish and Portuguese business with local company Sport Zone, in a plan to create the second-largest sports retailer in Iberia.

JD Group will own 50 per cent of a new “Iberian Sports Retail Group”, with a further 20 per cent held by the family shareholders of JD Sprinter, the Spanish business in which it bought a controlling stake in 2011.

The remaining 30 per cent will be held by Portuguese retail group Sonae.

JD said the combined group will have revenues of €450m, 15 per cent higher than JD’s total European revenues last year. It said the deal “will generate further scale, momentum and resources to continue the current growth of the JD Group.”

Copyright The Financial Times Limited 2017. All rights reserved.

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