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Sports Direct sells Finnish Amer stake

Sports Direct has sold its stake in Finnish sportswear company Amer Sports at a profit, according to reports.
The Sports Direct business owned by Mike Ashley announced that it had sold its entire holding in the Helsinki listed manufacturer and distributor of brands that include Wilson and Salomon for EURO 166.6 million (£116m).

According to analysts the move means that Sports Direct has now reduced its debt levels by off loading the stake. Sports Direct said "The proceeds of the sale will reduce group borrowings."

Sports Direct bought shares in the company over a five month period, strategically building a stake.
The move follows Sports Direct upping it's stake in Umbro last month to 29.9%. In turn Umbro is currently subject of a takeover attempt from Nike.

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