CONNECT WITH US
eCommerce

eCommerce

Puma CEO Sees Anta’s $1.8 Billion Investment as ‘Vote of Confidence’ as Deal Officially Closes

WWD logo

Published on

Add as a preferred source on Google
Puma CEO Sees Anta’s $1.8 Billion Investment as ‘Vote of Confidence’ as Deal Officially Closes

On Wednesday, the German sports company revealed that Anta Sports Products Limited has successfully completed its acquisition of the 29.06 percent stake previously held by Artémis SAS, the investment company of the Pinault family. The transaction, which was first announced in January, is worth 1.5 billion euros, or about $1.8 billion.

Puma continues to operate as an independently managed company, but the arrival of China’s Anta Sports as its largest shareholder “marks the beginning of a new chapter” for the German firm.

“We view Anta’s long-term commitment as a strong vote of confidence in our strategy, our management team and our future,” Arthur Hoeld, chief executive officer of Puma SE, said in a statement. “We look forward to building a fruitful partnership and exploring areas where our respective strengths can create sustainable value for Puma and its shareholders on our journey to become a top 3 global sports brand.”

Ding Shizhong, board chairman of Anta Sports, sees his company as a “long-term strategic partner.”

“Puma is an iconic global sports brand with a rich heritage and significant long-term potential,” Shizhong noted. “We have confidence in its management team and strategic direction, and look forward to contributing Anta Group’s experience and capabilities to support Puma’s future growth while preserving what makes the brand unique.”

In a separate press statement issued by Anta on Wednesday, the company said that it will continue to seek “adequate representation” on Puma’s supervisory board but “currently has no plans to make a takeover offer for Puma.”


Source link
Related Topics:eCommerce

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.