British Sporting Goods Company Buys Majority of Sportland
British-based Sports Direct International announced the acquisition of 60 percent of Estonian-owned Sportland International Group, which is the largest sporting goods retailer in the Baltics.
The sale, the value of which remains undisclosed, is subject to approval from local competition authorities, but is expected to be completed by the end of June, Sports Direct said in a press release on Wednesday.
Äripäev reported that the rest is likely to remain in the hands of Estonian businessmen Are Altraja and Anti Kalle, who founded the company in 1995.
Sportland operates retail chains Nike and Timberland among others, managing 80 stores in the region.
The recession hit the company hard, forcing a retreat from Finland and only last year Sportland recorded a profit after years of losses of up to 13 million euros annually.
Sportland's sale is part of Sports Direct's European expansion plan, with the sporting giant also announcing the acquisition of a majority stake in Eybl, an Austrian retailer, on the same day.
