China’s Anta Sports Products said it would buy a 29.06 per cent stake in Puma from the Pinault family for 1.5 billion euros (US$1.8 billion), making it the biggest shareholder in the German sportswear maker.
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. The price is a 62 per cent premium to Puma’s 21.63 euros closing share price on Monday, up nearly 17 per cent in the session. Anta shares rose 3.4 per cent in early trading on Tuesday.
The stake sale comes as the German firm seeks to revive its fortunes after it lost ground to Nike and Adidas. It also faces competition from fast-growing brands like New Balance and Hoka.
Anta said it believed Puma could increase its international competitiveness and build its brand recognition with the Chinese company as its largest investor.
