Anta Announces Plan to Acquire Amer Sports; Shares Look Attractive
Narrow-moat Anta has announced an indicative nonbinding proposal to acquire Amer Sports (AMEAS.HE), a Finland-based sporting goods conglomerate, for EUR 40 per share. We think the plan makes strategic sense, increasing Anta’s exposure to the sporting equipment space and allowing management to use its expertise on sourcing and retail distribution (especially in China) to achieve sales and supply-chain cost synergies. The proposed cash deal for EUR 4.7 billion implies transaction multiples of 1.7 ...ANTA Sports Products is principally engaged in the manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories, in the People's Republic of China. As of Dec 31 2014, there were 7,662 ANTA Stores, 1,228 Kids sportswear series stores and 519 FILA stores in China, Hong Kong and Macao.
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