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Sports Direct sells stake in Amer Sports

12 Nov '07

1 min read

Sports Direct International plc announces that it has sold its holding of 8,768,759 shares in Amer Sports Corp., the multi-branded manufacturer and marketer of sports equipment and technical apparel listed on the Helsinki Stock Exchange, for €166,606,421 (approximately £116.2m). The proceeds of sale will reduce group borrowings.

The disposal is consistent with the Company's policy of making and retaining strategic investments for so long as the holdings of such investments provide the Company with the opportunity to gain a strategic and commercial advantage.

Sports Direct is the UK's leading sports retailer by revenue and operating profit and the owner of several internationally recognised sports and leisure brands. Sports Direct offers a wide range of competitively-priced, branded sports and leisure apparel, replica kit, footwear and sports equipment through its retail operations and also operates an international wholesale and licensing business through its brands operations.

Since its establishment in 1982, the business has increased its operating profit every year for 24 years. Over the three financial years to April 2006 Sports Direct increased revenue and operating profit at a compound annual growth rate of 32.5% and 40.4%, respectively.

Sports Direct International plc

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