Internet giant Tencent Holdings Ltd (騰訊) is in talks to join a Chinese investor group pursuing a takeover of Finland’s Amer Sports Oyj, people familiar with the matter said.
Tencent, China’s largest social media company, is considering joining the consortium led by Anta Sports Products Ltd (安踏體育用品) as a minority investor, the people said.
The buyer group is also in talks with other potential minority partners, although no firm agreements have been reached, said the people, who asked not to be identified because the information is private.
Photo: Reuters
Shares of Amer had risen 3.6 percent to 35 euros at 10:23am yesterday in Helsinki, on track for the highest close in more than six weeks, after earlier jumping as much as 5.8 percent.
Anta in September said that it had joined with Chinese buyout firm FountainVest Partners (方源資本) to make an indicative offer of 40 euros per share for Amer, valuing the target at about 4.7 billion euros (US$5.3 billion).
The consortium has been progressing in the potential takeover and seeking at least 3.5 billion euros in loans, Bloomberg News reported last month.
Roping in Tencent could help the investor group boost Amer’s brands in one of the world’s biggest online shopping markets.
Chinese Internet companies have been partnering with physical retailers, with Tencent agreeing last year to invest in a supermarket chain and rival Alibaba Group Holding Ltd (阿里巴巴集團) acquiring a local department store operator.
The Chinese suitors aim to reach an acquisition agreement as soon as in the next several weeks, the sources said.
Any deal could still face delays or fall apart, they added.
A spokeswoman for Tencent and an external representative for the Chinese buyer consortium declined to comment.
Anta, which has a market value of about US$11.6 billion, has been working to develop its business overseas amid a Chinese government push to expand in sports ranging from soccer to skiing.
Amer’s portfolio of well-known sports brands, including Salomon Group’s ski equipment, could be an attractive prospect for Anta ahead of upcoming Olympic Games in Asia.
Beijing is to host the Winter Olympics in 2022, providing a springboard for sales of skis and snowboards, while the 2020 Summer Games are to be held in Tokyo.
Amer’s other units include Wilson Sporting Goods Co, a maker of tennis rackets and Louisville Slugger baseball bats, and Arc’teryx outdoor gear.
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