Canadian tire said he signed an agreement of nearly $ 1.3 billion for sale Helly Hansen to an American owner of several clothing brands.
Canadian Tire claims that the agreement will see the sportswear company finding itself in the hands of Kontoor Brands, owner of Wrangler, Lee and Rock & Republic.
Canadian Tire, who also owns Sportchek and Mark’s, has designed the sale as a means of strengthening its accent on its Canadian retail portfolio and unlocking the value for the company and the shareholders.
Get news from weekly money
Get expert information, questions and answers in markets, housing, inflation and personal finances provided to you every Saturday.
The Toronto -based retailer claims that the agreement with Kontoor should conclude in the second quarter of this year, but is subject to regulatory approvals and usual closing conditions, including a supply agreement.
The multi -year supply offer will allow Canadian Tire and its brands to continue selling Helly Hansen products.
Canadian Tire bought Helly Hansen in 2018 thanks to an agreement of $ 985 million with the Ontario teachers’ retirement fund, but the brand dates back to 1877, when the sea captain Helly Juell Hansen enrolled his wife Margrethe for help him.
& Copy 2025 the Canadian press