China’s Anta Sports Products has agreed to buy a stake of about 29% in Puma for 1.5 billion euros ($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 company of France’s billionaire Pinault family, for 35 euros ($42) each. Puma closed Monday at 21.63 euros ($25.96). Puma’s shares have fallen 32% over the past 12 months, giving the company a market capitalization of 3.2 billion euros ($3.84 billion).
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.
