Chinese sportswear giant Anta will acquire a 29% stake in Puma for €1.51 billion, marking a major expansion of its global portfolio.
BEIJING: Chinese athletic goods giant Anta Sports will acquire a controlling stake in German sportswear brand Puma for €1.51 billion (USD 1.79 billion).
A filing to the Hong Kong stock exchange showed Anta will purchase 43 million shares from the Pinault family’s Artemis group for €35 each.
The deal gives Anta a 29% stake in Puma at a more than 60% premium to the German brand’s last closing share price.
Anta stated the investment will “further enhance its presence and brand recognition in the global sporting goods market”.
“We believe Puma’s share price over the past few months does not fully reflect the long-term potential of the brand,” said Anta Chairman Ding Shizhong.
The company said it has no current plans for a full takeover but will assess options for deepening the partnership.
Anta, founded in 1991 and based in Fujian province, is one of the world’s largest sportswear firms.
It is the parent company of Amer Sports, which owns brands including Wilson, Arc’teryx and Salomon.
Anta led a consortium to acquire Finland-based Amer Sports in 2019 in a deal worth approximately USD 5.2 billion.
It also controls the Chinese market rights for international brands like Fila and Descente.
Puma has faced challenges recently with sales falling more than 15% in the third quarter of last year.
New CEO Arthur Hoeld said the brand had become “too commercial” and was undergoing a “reset” to improve its product and distribution.
