China’s Anta Sports Products said on Tuesday it would acquire a 29.06% stake in German sportswear maker Puma from the Pinault family for 1.51 billion euros, positioning the Hong Kong-listed group as Puma’s largest shareholder and marking one of the most significant cross-border deals in the global athletic wear industry this year.
Under the agreement, Anta will pay 35 euros per share in cash for about 43 million Puma shares, according to a stock exchange filing. The offer represents a 62% premium to Puma’s closing share price of 21.63 euros on Monday, with the stock jumping nearly 17% in that session. Reuters had first reported earlier this month that Anta was in talks to acquire the stake.
Anta said it sees the investment as a way to help Puma strengthen its international competitiveness and enhance brand recognition, particularly by leveraging Anta’s scale and expertise in the Chinese market. The company added that it plans to seek seats on Puma’s board once the transaction is completed.
“Its global business footprint and focused positioning in sports categories are highly complementary to the group’s existing multi-brand and specialised business,” Anta said in a statement, underscoring the strategic rationale behind the deal.
The acquisition builds on Anta’s established track record of buying and revitalizing Western sports and lifestyle brands. In 2019, the group led a consortium that acquired Amer Sports, the owner of brands including Wilson and Salomon, in a deal that helped expand Anta’s global reach. Reuters reported in early January that Anta had secured financing for a similar-sized stake in Puma, though negotiations had temporarily stalled over valuation.
For Puma, the transaction comes at a challenging moment. The company has been struggling to revive sales growth and restore investor confidence under its new chief executive, Arthur Hoeld, who took over last year. Weak demand and underwhelming performance from recent sneaker launches, including the Speedcat, have weighed on results, prompting management to pursue a turnaround strategy focused on strengthening brand appeal, improving performance products, and tightening cost controls.
The seller, Artemis, is the investment vehicle of the Pinault family, led by Francois-Henri Pinault, chairman of luxury group Kering. Artemis has previously described its Puma holding as non-strategic. The family acquired the stake from Kering in 2018, when the luxury group decided to refocus exclusively on high-end fashion and accessories.
The deal is subject to antitrust reviews, regulatory approvals in China and other jurisdictions, and approval by Anta shareholders. Anta said it expects to call an extraordinary general meeting, with the transaction set to close once all conditions are satisfied.
