China's Anta to become largest shareholder in Puma after $1.79bn deal

China’s Anta Sports will become the largest shareholder in German sportswear brand Puma after agreeing to buy a major stake in the company, according to a stock exchange filing released on Tuesday.

Anta will acquire about 29 percent of Puma, taking over from the French billionaire Pinault family as the company’s top shareholder. Under the agreement, Anta will purchase just over 43 million Puma shares from the Pinault family’s holding company, Artemis, at a price of 35 euros per share.

The transaction is valued at around 1.51 billion euros, or $1.79 billion, the filing to the Hong Kong Stock Exchange said.

Anta said the investment would strengthen its presence and brand recognition in the global sporting goods market and boost its overall international competitiveness.

Headquartered in China’s southeastern Fujian province, Anta is one of the world’s largest sportswear companies. Founded in 1991, the group has built a broad international portfolio through its subsidiary Amer Sports, which owns well-known brands such as Wilson, Arc'teryx and Salomon.

Anta completed its acquisition of Finland-based Amer Sports in 2019, leading a consortium in a deal worth about $5.2 billion. The company also holds rights in the Chinese market for several foreign sportswear brands, including Fila and Descente.

In its statement, Anta said it plans to preserve Puma’s strong brand identity and heritage while helping the company fully realise its global brand potential.