Sports Direct to buy remaining shares in Heatons chain
Sports Direct is to buy the remaining shares it does not already own in Irish department store chain, Heatons.
The sportswear giant has entered into a sale and purchase agreement with Sandra Minor to buy its shares in Warrnambool, the holding company of Heatons.
It has also entered into a conditional put and call option agreement with Mark Heaton, Hugh Heaton, John O’Neill, Warrnambool and Katipo Limited in relation to the remaining shares in Warrnambool which are not already owned by Sports Direct.
Heatons has 44 stores in the Republic of Ireland and ten stores in Northern Ireland. Warrambool also owns and operates five standalone Sports Direct stores in Northern Ireland.
The total cash consideration payable under the purchase agreement and the conditional option agreement is €47.5 million, which will be funded from the Sports Direct’s operating cashflow and existing bank facilities.
Sports Direct chief executive Dave Forsey said: “We look forward to accelerating investment into the existing store portfolio and strengthening the Heatons and Sports Direct brands across Ireland”.
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