Anta Sports becomes largest shareholder in Puma

Cayman Islands-incorporated Anta Sports has entered into a definitive agreement to acquire a 29.06 percent equity interest in German sportswear manufacturer Puma. The transaction, valued at 1.51 billion euros (1.79 billion dollars), positions the Chinese group as the largest shareholder in the Herzogenaurach-based company.

Transaction details and valuation

On January 26, 2026, Anta Sports signed a share purchase agreement (SPA) with Artémis, the investment vehicle of the Pinault family. Under the terms of the deal, Anta Sports will purchase around 43 million ordinary shares at a price of 35 euros per share. The consideration will be settled entirely in cash, funded through the group’s internal resources and working capital.

The purchase price represents a significant premium over Puma’s market valuation. Shares of the German brand closed at 21.63 euros on January 26, 2026, giving the company a market capitalisation of approximately 3.20 billion euros prior to the announcement. Anta Sports noted that the consideration was determined following arm’s length negotiations, accounting for Puma’s global market positioning and future growth prospects.

Strategic rationale for global expansion

The acquisition is a central component of the group's “single-focus, multi-brand, and globalisation” strategy. Anta Sports, which already holds a diverse portfolio including Fila, Descente, and Jack Wolfskin, intends to leverage Puma’s established heritage to bolster its international competitiveness.

The group highlighted that Puma’s global footprint is highly complementary to its existing business model. Anta Sports aims to apply its brand-building and retail execution capabilities to support Puma’s value rejuvenation. Following the settlement of the transaction, the group intends to seek representation on Puma’s supervisory board to work with existing members and employee representatives.

Financial performance of Puma

Financial data included in the announcement reflects a challenging period for the target company. While Puma reported sales of 8.9 million euros for the full year ended December 31, 2024, its performance in the first half of 2025 showed a downturn.

Anta Sports has clarified that it currently has no plans to initiate a full takeover. However, the SPA includes provisions for additional payments to Artémis if a public takeover, delisting, or squeeze-out is initiated within 15 months of the effective transfer date.