CHINA's Anta Sports Products said on Tuesday it had agreed to buy a 29.06% stake in German sportswear maker Puma from the Pinault family's Artémis holding company for 1.51 billion euros ($1.79 billion).
The move cements a deal first reported by Reuters earlier this month and makes the Chinese group Puma's largest shareholder.
The Hong Kong-listed company will pay 35 euros per share in cash for 43 million Puma shares, Anta said in a stock exchange filing.
Reuters reported in early January that Anta had offered to buy about 29% of Puma from the Pinault family and had secured financing for the acquisition, although talks had at the time stalled over valuation.
The transaction comes as the German sportswear group struggles to revive sales and investor confidence under its new CEO, Arthur Hoeld.
Artémis, run by François-Henri Pinault, chairman of luxury group Kering, had previously described its Puma stake as non-strategic. The Pinault family acquired the holding from Kering in 2018, when the group repositioned itself as a pure luxury player.
Puma has been under pressure as demand weakened, and recent sneaker launches, including the Speedcat, failed to generate the momentum executives had hoped for. Hoeld, who took over last year, has outlined a turnaround focused on brand heat, performance products, and cost discipline.
The deal is subject to antitrust clearances, shareholder approval at Anta, and regulatory approvals in China and other jurisdictions. Anta said it expects to convene an extraordinary general meeting, with closing targeted after conditions are met. ($1 = 0.8421 euros) - Reuters
