S.Korea's E-Land to buy K-Swiss for $190 mln-report

SEOUL Wed Jan 16, 2013 7:35pm EST

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SEOUL Jan 17 (Reuters) - South Korean retailer E-Land Group agreed to buy U.S. footwear maker K-Swiss Inc for around 200 billion won ($189 million), a South Korean newspaper reported on Thursday.

The Korea Economic Daily, citing unnamed investment banking sources, said E-Land is expected to acquire at least 70 percent of K-Swiss and is looking at buying out minority shareholders to take full ownership of the footwear maker.

K-Swiss could not be immediately reached for comment, while an E-Land spokesman declined to comment.

E-Land, a privately-owned retailing group, has added outlets, leisure holdings and upmarket brands such as bags and wallet maker Mandarina Duck in a series of acquisitions since 2009.

Last year, it joined a consortium that bid for, but failed to acquire, the U.S. Major League Los Angeles Dodgers baseball franchise.