FRANKFURT May 10 German sportswear maker Adidas
is selling its golf equipment and clothing brands
TaylorMade, Adams Golf and Ashworth to private equity firm KPS
Capital Partners, taking a hit to its earnings.
Adidas will get $425 million, around half of which will be
paid in cash and the rest in secured notes and contingent
considerations, the company said in a statement on Wednesday.
It had put the loss-making business up for sale last year to
focus on shoes and clothing. After peaking around 2000, when
Tiger Woods was in his prime, the number of people playing golf
in the United States, which accounts for half the global golf
market, has fallen sharply.
Adidas also said that following the sale it will book a
charge in the high double-digit to low triple-digit millions of
(Reporting by Arno Schuetze; Editing by Greg Mahlich)