China's biggest sportswear brand Anta Sports Products announced on Tuesday it would buy a controlling stake in Puma for 1.5 billion euros ($1.8 billion), making it the biggest shareholder in the historic German sportswear brand.
Anta will buy 43 million shares for 35 euros apiece from the French billionaire Pinault family's Artemis group, the statement to the Hong Kong exchange said, giving it a 29.06% stake.
The price is a more than 60% premium to Puma's last close, according to Bloomberg data, and values the deal at 1.51 billion euros.
The $27.8 billion Hong Kong-listed sportswear
Continue Reading on Daily Sabah
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.