This section is from the book "Anatomy Of The Arteries Of The Human Body", by John Hatch Power. Also available from Amazon: Anatomy of the Arteries of the Human Body, with the Descriptive Anatomy of the Heart.
The Peroneal Artery arises from the posterior tibial, a little below the commencement of the latter, and then inclines obliquely downwards and outwards to reach the fibula, along which it descends, till it arrives near the external malleolus.
Internal and External Plantar.
Here it terminates by dividing into the anterior and posterior peroneal. In this course the peroneal artery usually pierces the superior extremity of the tibialis posticus muscle, then lies on the interosseous ligament, being closely applied to the fibula, and covered by the flexor pollicis longus muscle. Its branches are distributed to the surrounding muscles and to the integuments and periosteum. In the inferior fourth of the leg it sends off a transverse branch, which passes inwards to anastomose with the posterior tibial. The anterior peroneal artery passes forwards through a foramen in the inferior extremity of the interosseous ligament, and is then found on the front of the limb beneath the tendon of the peroneus tertius : it terminates by anastomosing with the external malleolar branch of the anterior tibial. In some cases this artery is very small; in others, on the contrary, it is particularly large, takes the place of the anterior tibial, and gives off the tarsal, metatarsal, dorsalis pollicis, and communicating branches. In this latter case the anterior tibial is small, and ceases by communicating with the anterior peroneal on the front of the ankle-joint. The posterior peroneal artery descends behind the external malleolus, and divides on the outside of the os calcis into a number of branches, which supply the periosteum, adjacent tendons and integuments, and anastomose with the tarsal, metatarsal, and external plantar arteries.