Anta Sports Products, a Chinese sports company, has bought the Finnish owner of athletic brands Amer for 4.6 billion euros ($5.17 billion), as the company looks to compete with popular global brands like Nike and Adidas in the home and international markets.
According to reports in CGTN, Amer Sports in a statement said that the offer, announced in September and launched in December last year, had been successful with some 94 percent of its shares sold to the group.
Anta, is a household name in China and is originally known for supplying shoes to popular badminton players in the country. The sportswear brand is looking to make its mark on the international stage, having already having signed a shoe deal with basketball star Klay Thompson of the NBA’s Golden State Warriors.
Nike and Adidas remain far ahead, however, not only on the world stage but also in China. Nike leads in Chinese market share at 22.1%, followed by Adidas with 18.6% and Anta a distant third at 10.4%.
Amer, founded in 1950, logged sales of about 2.68 billion euros last year. The Finnish company owns several well-known brands which including Wilson, which recently signed Japanese tennis star Kei Nishikori to a sponsorship deal.
This is not the first time that Anta is looking to invest in foreign company. It purchased Italian brand Fila’s Chinese operations in 2009 and helped Japanese sportswear maker Descente roll out in China through a joint venture with Itochu in 2016.
Estimated to be worth 4.4 billion euros, Amer Sports last reported annual sales of 2.7 billion euros and employs around 9,500 people.