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Sports Direct buys stake in Amer Sports

Sports Direct has bought a 4.96% stake in Amer Sports Corporation.

Sports Direct paid €48.2 million (£36m) for the stake in the clothing and footwear manufacturer, which is listed on the Helsinki Stock Exchange, equivalent to €13.5 (£10) per share.

The acquisition was financed by a drawdown under existing facilities. The company sold an earlier investment in Amer Sports Corporation last November for €19 (£14.14) per share.

Sports Direct said Amer Sports fitted its criteria for strategic investments.

Amer Sports' major brands are Wilson, Salomon, Precor, Atomic and Suunto.

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