The shareholders of JD Sports have unanimously backed a deal worth over €500m.
In July, the Greater Manchester-headquartered group announced plans to acquire the remaining shares it doesn't already hold in a Spanish company.
JD Sports agreed to snap up the 49.98% shares in Iberian Sports Retail Group (ISRG) which are held by Balaiko Firaja Invest, S.L. and Sonae Holdings, S.A.
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ISRG currently operates more than 460 stores across Europe including JD Sports in Iberia, Sprinter in Spain, Sport Zone in Portugal and Aktiesport and Perry Sport in the Netherlands.
ISRG also has a 98% holding in the Deporvillage online business and a 50.1% holding in the Bodytone fitness equipment business.
When the deal, worth €500.1m is completed, JD Sports will own 100% of ISRG.
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For the year to January 31, 2023, ISRG's revenue totalled €1.2bn and its pre-tax profits were €96.6m.
In a meeting held earlier today (Monday, October 9), shareholders in JD Sports unanimously backed the deal, which is now set to complete on Tuesday, October 10.
In July, JD Sports said: "We believe that there are opportunities to continue to develop Sprinter and Sport Zone and that the ISRG team in Iberia also have an important part to play in the further development of the JD fascia in Iberia and beyond."
JD Sports chief executive Régis Schultz added: "At our capital markets event earlier in the year, we emphasised the benefit of having strong complementary concepts to support our 'JD first' global growth strategy.
"ISRG is a highly successful business and one of the leading players in sports retail in Iberia.
"By bringing the two businesses closer together, there is significant potential for accelerating growth.
"We sincerely thank the minority shareholders, Balaiko and Sonae, for their important contributions to the business during our time as partners."
The deal comes after JD Sports announced in May that it is to acquire France's Courir in a deal worth €520m.