More corporate news – Page 53
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News briefsKuehne+Nagel buys a Chinese freight company
Kuehne+Nagel, the European logistics group registered in Luxembourg, has entered into a binding agreement to acquire a Chinese freight forwarder, Apex International Corporation. No financial details were released. Apex was founded in 2001 and has about 1,600 employees. It generates yearly revenues in excess of €1.9 billion. In 2020, the ...
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News briefs
Foot Locker’s capital spending will grow to $275m in 2021
Foot Locker’s board of directors has authorized capital investments of $275 million for this year, a big jump from the $155 million spent in 2020, when they were reduced to maintain liquidities in spite of the coronavirus pandemic. Foot Locker’ board has also decided to raise its quarterly dividend by ...
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News briefs
Therabody raises capital from celebrities
Therabody, the U.S.-based maker of the Theragun massage therapy gun and other therapeutic training aids, said it has drawn more financing after its revenues tripled in 2020 to an unspecified level, thanks in part to its expansion into more than 60 countries, with offices recently opened in London, Dublin and ...
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News briefs
Kinnevik’s Zalando shares go to its own shareholders
Kinnevik, the Swedish investment fund that has been supporting Zalando since 2010, helping it to go public in 2014, has decided to transfer its 21 percent interest in the big German-based e-tailer to its own shareholders, provided they approve the move at Kinnevik’s annual meeting on April 29. The Swedish ...
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News briefs
Asics invests in soccer scouting platform
Asics Ventures Corp., the investment subsidiary of Asics Corp., has invested in Dreamstock, the operator of a soccer scouting platform that matches football players with clubs. Dreamstock, based in Tokyo, was founded in July 2017. The digital company supports the youth generation (ages 14-18) by providing matching services with professional ...
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ArticleHi-Tec’s parent will change hands, if the price is right
Apex Global Brands, the American brand management and licensing organization previously called Cherokee Global Brands, which owns the Hi-Tec, Magnum and Tony Hawk brands, among others, confirmed that it has entered into a merger agreement with Galaxy Universal, a Colorado-based project management and investment firm.Galaxy is described as a sourcing ...
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News briefs
Decathlon will source bikes from a big new plant in Romania
The cycling boom has led Decathlon, which is a major player in the sector with its private-label lines, to boost its manufacturing capacity in Europe. While expanding the production in France and Portugal, it is working with a partner in Romania, the Sport Mechanical Workshop, on the establishment of a ...
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Article
Dorel will remain on the stock exchange
Dorel Industries and Cerberus Capital Management have terminated an agreement in principle that would have allowed the Canadian company to go private. As a result, a meeting of shareholders that was planned for Feb. 16 to endorse the deal has been cancelled. First reached last November, when the purchase price ...
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Article
Beachbody will go public after a merger
Beachbody, the big California-based digital fitness streaming and nutrition company, will go public on the New York Stock Exchange following an agreement to merge with Myx Fitness Holdings, which sells connected fitness bikes, and SPAC Forest Road Acquisition Corp., which is already on the stock exchange. Beachbody’s current management and ...
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News briefs
Moody’s downgrades VF
Completing its review of VF Corp.’s credit rating following its December acquisition of Supreme, Moody’s kept the company’s rating stable but lowered its senior unsecured debt and shelf ratings slightly. It confirmed its P-2 short-term commercial paper rating. Moody’s noted that VF’s financial leverage will remain high, predicting that its ...
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News briefs
Peloton has quickly completed a $1.0 billion bond issue
Peloton Interactive has obtained all the extra funds it wanted. The fast-growing connected fitness company has announced the completion of a convertible bond offer that is generating gross proceeds of $1.0 billion, including an over-allotment option for $125.0 million, which has been exercised faster than planned. The net proceeds of ...
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News briefs
Patrick Lepeudry, co-founder of Skiset, injured in a helicopter crash
Patrick Lepeudry, co-founder of Skiset, the French-based ski rental company, sustained severe injuries in a helicopter crash in Courchevel, a ski resort town in the French Alps, in the afternoon of Feb. 9. The accident occurred between the Rosière lake and the Dent du Villard mountain at an altitude of ...
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News briefs
Xtep to open operation center in Shanghai
Xtep International has plans to establish a new operation center in Shanghai. According to a report in Sportstextiles.com, the Chinese sportswear group has entered into an agreement with a property company to acquire a site covering around 11,000 sqm close to Hongqiao Airport. Xtep will use the new site for ...
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News briefs
Frasers cashes out of French Connection
Frasers Group, the parent company of Sports Direct, has sold its entire 24.93 percent interest in French Connection, a British fashion company in which it started to invest in 2017, when the share price was higher than it is now. The shares were probably worth less than £4 million (€4.5m-$5.5m) ...
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News briefs
TaylorMade Golf is for sale, according to the NYT
The New York Times (NYT) reported on Feb. 2 that KPS Capital Partners has hired Morgan Stanley to run a sale of TaylorMade Golf. Spokespeople for KPS and Morgan Stanley declined to comment and TaylorMade was unavailable for comment, the NYT reports. KPS, an investment company with headquarters in New ...
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Short stops
CORPORATE AND M&A
+++ The NBC Sports Network will cease operations by the end of 2021, with key elements of its programming shifting to USA Network, also owned by NBCUniversal, and Peacock, which is NBCUniversal’s new streaming service +++
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Article
SHER, a new Italian cycling & sports brand for women
Sara Canali, a native of Bolzano who has been practicing football, cycling and other sports since a young age, has become the sole owner of SHER Women’s Activewear, a new brand of functional and stylish sports clothing for women. She launched last May as a joint venture with Francesca Pozzi, ...
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News briefs
JD Sports on the hunt for more purchases after raising £464m
JD Sports Fashion is on the hunt for more acquisitions after raising £464 million pounds (€529m-$634m) through a placement of 58.4 million new shares, representing about 6 percent of its share capital. They were placed at 795 pence each, offering a 2.5 percent discount on the mid-market closing price of ...
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News briefs
Two shareholders want more for Dorel
Two large institutional shareholders are planning to vote against the sweetened offer to pay 16.00 Canadian share for each share in Dorel Industries made a few days ago by Cerberus Capital Management to take the company private, according to Bloomberg. They say that, while it is higher than an initial ...
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News briefs
Nike reorganizes in Germany, possibly also elsewhere
Nike is apparently streamlining its operations in Germany, and perhaps in other European countries as well. While stressing that the company is not closing its office in Berlin, a Nike spokesman declined to directly confirm a report in Wirtschaftswoche that it is abolishing the role of country manager in Germany, ...
