The deal will see JD Sports buy the 58-store tents to cycles retailer from YFM Equity Partners and 3i Group and adds to the group's stable of outdoor brands such as Blacks, Millets and Ultimate Outdoors.
As a result of the deal, Go Outdoors founders Paul Caplan and John Graham will leave the business.
JD Sports chief executive Peter Cowgill said: "Go Outdoors is a great addition to our existing Outdoor business.
"The minimal overlap in store locations and their out-of-town, one-stop retailer approach complements the work we have done on the high street with Blacks and Millets and further strengthens our offering in the Outdoor sector. I am excited by the future prospects this holds for the JD Group."
In the 53 weeks to 31 January 2016, Sheffield-based Go Outdoors made revenues of £202.2m and saw pre-tax profit of £4.9m.
In September, JD Sports notched up record half-year profits and announced plans to set up shop in Australia, as well as vowing to press ahead with European expansion despite the Brexit vote.
The company also acquired Next Athleisure in Australia, which trades as Glue, with the deal providing "the platform to open JD in Australia."
On Brexit, JD said at the time that while the UK's decision to quit the European Union means that there will be some "uncertainties" over the next two or three years, it will press ahead with European expansion.
The group has recently acquired businesses in Portugal and the Netherlands.
Shares in JD Sports were up 2.50% to 327.4p in morning trading.