April 30, 2018 / 10:28 AM / 23 days ago

Finland's Amer Sports buys Peak Performance for $309 million

HELSINKI (Reuters) - Finland’s Amer Sports (AMEAS.HE) has agreed to buy Swedish sports fashion brand Peak Performance from IC Group (IC.CO) for about 255 million euros ($309 million), the companies said on Monday.

Amer will add Peak Performance’s outdoor fashion and urban collection to a brand portfolio that includes Wilson tennis rackets, Salomon skis and Louisville Slugger baseball bats.

“Peak Performance ...has a strong relevancy in sports fashion, and moreover a significant share of sales in womenswear and direct to consumer,” Amer said in a statement.

Peak has annual sales of 145 million euros while Amer reported 2017 revenue of 2.7 billion euros.

Amer shares were up 2.2 percent while IC Group was up 4.3 percent at 0818 GMT.

($1 = 0.8249 euros)

    Reporting by Jussi Rosendahl; editing by Jason Neely

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