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The British sports retailer Sports Direct International announced on Wednesday it has entered into an agreement to acquire a 60 percent stake in the Baltic sporting goods retailer Sportland International Group.
Sports Direct International acquires majority in Baltic retailer Sportland
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The strategic investment in the fast-growing Baltic region represents a continuation of Sports Direct International's previously stated European expansion plans, chief executive Dave Forsey said.
Sportland International Group co-founder Are Altraja said that with Sports Direct's operational expertise and financial support the company will be able to expand its product offering, introduce more innovation and further enhance its market leadership in the Baltics.
The transaction is subject to clearance from the Estonian competition authority.
Sportland International Group operates the Sportland, Sportland Outlet, Timberland, O'Neill, Nike and Nike Outlet retail chains in Estonia, Latvia and Lithuania. Last year the group generated revenue of 61.6 million euros, operating 80 stores with total net sales area of approximately 39,000 square meters.