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Anta Sports picking up Amer Sports
Posted on Friday, 07 December 2018 11:19
A consortium led by Chinese branded sportswear maker Anta Sports has submitted an approach to acquire Finnish peer Amer Sports.
Under the terms of the offer, the buyer would pay EUR 40.00 per item of stock, thereby valuing the Nasdaq Helsinki-listed firm at EUR 4.60 billion.
The bid represents a 13.6 per cent premium over Amer’s closing share price of EUR 35.20 on 5th December, the last available closing price prior to the deal being announced.
Other participants in the acquiring consortium include FountainVest Partners and Tencent, as well as Chip Wilson.
Following completion of the purchase, which is expected to occur in the second quarter of 2019, the target will continue to operate independently and will be headed by a separate board from its existing headquarters in Helsinki.
Shareholders owning a combined 7.9 per cent of Amer Sports have already committed to accept the approach and sell their stock, while the target’s executives have unanimously recommended that investors accept it.
Amer Sports was founded in 1950 and employs some 8,607 people.
The company’s brands include Salomon, Peak Performance, Atomic and Precor, which are used in a variety of sports, such as tennis, cycling, skiing and golf.
It posted net sales of EUR 757.20 million in the third quarter of 2018, up from EUR 697.90 million in the corresponding period of last year.
Gross profit for the period totalled EUR 349.80 million, compared to EUR 324.70 million in Q3 2017.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 58 deals targeting sporting and athletic goods manufacturers announced worldwide since the beginning of 2018.
Of these, the most valuable is worth USD 1.30 billion and involves Sycamore Partners Management picking up the Pure Fishing business of Newell Brands.
Other companies in the sector to have been targeted this year include Helly Hansen, Peloton Interactive and Rawlings Sporting Goods.
© Zephus Ltd