China's Anta Sports Products Ltd. has agreed to buy a stake of about 29% in Puma SE for €1.5 billion ($1.8 billion), making it the German sports brand's biggest shareholder.
The agreement will see Anta buy about 43 million Puma shares from Artémis, the holding compay of France's billionaire Pinault family, for €35 each. Puma closed Monday at €21.63. Puma's shares have fallen 32% over the past 12 months, giving the company a market capitalization of €3.2 billion.
Fujian-based Anta is down 7% in Hong Kong over the past 12 months and has a market value of $27.3 billion. The purchase is a key step in the company's "single-focus, multi-brand, and globalization" strategy, Anta said in a filing to the Hong Kong stock exchange.
Bloomberg News reported in November that Anta was among the companies exploring a potential takeover of Puma, and said the firm had been working with an adviser to evaluate a bid. Puma shares jumped the most in years on the news.
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