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Sports Direct International PLC Announces Acquisition Of Major Stake In Two European Sporting Goods Retailers

Wednesday, 29 May 2013 02:00am EDT 

Sports Direct International PLC announced that it has entered into separate agreements to acquire majority stakes in two European sporting goods retailers: (i) Sports Eybl & Sports Experts AG (EAG), based in Austria; and (ii) Sportland International Group (SIG), based in the Baltic region. The Company has entered into an agreement to acquire a 51% equity stake in EAG. The acquisition of EAG will be made by Retail Limited, a wholly owned subsidiary of Sports Direct. The consideration for the EAG transaction comprises GBp10.5 million payable to the current shareholders of EAG - EYBL Holding AG and LUDWIG EYBL Privatstiftung (the Eybl Family). In addition, Sports Direct has agreed to invest GBP30.0 million in subordinated debt in EAG. Following completion, Sports Direct has the right for five years to acquire the remaining shares in EAG from the Eybl Family for GBP15.5 million. During this period, the Eybl Family also has the right to sell its remaining shares in EAG to Sports Direct for GBP5.0 million. The Company will also acquire a 60% equity stake in SIG, the sporting goods retailer in the Baltic region. The SIG transaction is subject to various conditions, including clearance from local competition authorities, and is expected to complete by 30 June 2013. 

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11:37am EDT