China’s Anta Sports Products said on Tuesday it would buy a 29.06% stake in Puma for €1.51 billion ($1.79 billion), reports Reuters. The deal will make it the biggest shareholder in the German sportswear maker.
The Hong Kong-listed company will pay €35 per share in cash for 43 million Puma shares, Anta said in a stock exchange filing. The price is a 62% premium to Puma’s €21.63 closing share price on Monday, up nearly 17% in the session.
Anta said it believed Puma could increase its international competitiveness and build its brand recognition with the Chinese company as its largest investor. Anta said it would seek Puma board seats once the deal was finalised.