The merger still needs approval from shareholders from both companies as well as various regulatory bodies.
The retailer's move into the largest sportswear market is its boldest yet, increasing JD Sports' importance to global brands, particularly Nike and Adidas.
NASDAQ-listed Finish Line, one of the biggest premium multi-branded athletic, clothing and accessories retailers across the pond, should transform JD Sports' growth prospects in the world's biggest athleisure market, boosting its buying power and clout with the global sportswear brands.
Finish Line about 930 stores nationwide at malls and Macy's locations. Prior to today's jump, Finish Line stock had desperately needed a shot in the arm, falling 27% in 2018.
He adds: "Finish Line has many similarities to JD with a strong bricks and mortar offering complemented by an advanced and well-invested digital platform".
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The Finish Line executive team will continue forward under the new ownership.
In a release announcing the deal, JD said its interest in Finish Line stems from a company goal of pushing into the US market because of its size and status as the birthplace for sneaker culture. Public Employees Retirement System of OH increased its position in shares of Finish Line by 15.9% during the 2nd quarter.
Finish Line also reported its preliminary fourth quarter results for the 14-weeks ending March 3 on Monday.
Britain's JD Sports plans to grab a slice of the American market with a "transformational" $558m (£400m) deal to buy The Finish Line, an exclusive sports shoe supplier to the Macy's department store chain.
The combined purchasing power of Finish Line and JD, coupled with the strategic alignment with major worldwide sportswear brands in North America, is expected, on completion, to enable the enlarged group to bring a highly differentiated multi-channel retail proposition to the USA market.
Sam Sato, Chief Executive Officer of Finish Line, said, "Fourth quarter comparable sales were more challenging than we expected". State Street Corp increased its position in shares of Finish Line by 6.5% during the 2nd quarter. The purchase price is below the stock's 52-week high of $16.38, and well below a five-year high of roughly $32 per share.