JD Sports is racing ahead with plans to crack the American market through the $1 billion acquisition of Hibbett, the US sports fashion retailer.

The self-proclaimed “king of trainers” said it would pay $87.50 per share in cash for the Nasdaq-listed company, representing a premium of about 20 per cent to its last closing price.

Hibbett’s shares closed on Monday in New York at $72.49, up by 1.9 per cent on the day, valuing it at $855.14 million. Shares in London-listed JD Sports rose 4 per cent to 123p, giving it a market capitalisation of £6.5 billion.

Hibbett, based in Birmingham, Alabama, operates 1,169 sports fashion shops across 36 US states, predominantly under the Hibbett and City Gear brands. The retailer reported $131.6 million in