Canadian Tire buys sportswear company Helly Hansen for nearly $1B

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Canadian Tire is buying Norway-based sportswear company Helly Hansen for nearly $1 billion.

The iconic retailer said Thursday it will pay $985 million and assume $50 million of the debt of the Norwegian firm, which makes various types of clothes for active living and other outdoor gear.

While based in Oslo, Helly Hansen is owned by the Ontario Teachers Pension Plan.

“With our capabilities and Helly Hansen’s trusted global brand and management team, we see tremendous opportunity,” Canadian Tire CEO Stephen Wetmore said.

More to come



Source

Business News

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