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HONG KONG (Reuters) – Chinese sports brand Xtep International Holdings Ltd. announced on Thursday that it would buy out E-Land Footwear USA Holdings Inc., owner of K-Swiss, for $ 260 million. brands.
Fujian-based sportswear manufacturer has agreed to acquire a 100% stake in E-Land Footwear from E-Land USA Holdings Inc. and E-Land World Ltd, Xtep said in a statement on the Hong Kong Stock Exchange. E-Land Footwear also owns brands such as Palladium, Supra, PLDM and KR3W.
"The board believes that the transaction is an attractive opportunity to invest in a portfolio of well-known sportswear brands and lifestyle brands in the high-end market," said Xtep president Ding Shui. Po.
The operation will be financed by internal resources and should be finalized by the end of July, he added.
Xtep shares ended up 4.5% higher on Thursday before the announcement, exceeding the 0.8% rise in the Hang Seng benchmark.
Report by Donny Kwok; Edited by Rashmi Aich
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