IC Group sells Peak Performance for 1.9 billion Danish krone

The board of directors of IC Group has announced that the company has completed the process of selling Peak Performance to Amer Sports Corporation at 1.9 billion Danish krone.

Commenting on the completion of deal with Amer Sports, the Chairman of the IC Group board of directors Peter Thorsen said in a media statement: "It has been a long and thorough sales process with many keen and qualified buyers providing the optimal terms for the divestment of Peak Performance. The new owner who both has the skills, capacity and resources to accelerate the Peak Performance strategy in order for the brand to exploit its large international potentials as we believe it holds and deserves."

The net cash proceeds from the divestment are expected to amount to 1.7-1.8 billion Danish krone or 100-105 Danish krone per share, subject to final adjustment including transaction costs, net working capital and certain net debt items. The company said, net proceeds are expected to be distributed to the shareholders as an extraordinary dividend upon final closing of the agreement. Final closing is expected to take place on June 30, 2018.

"In line with our strategy, we accelerate in Softgoods and direct to consumer by acquiring Peak Performance, the iconic Swedish premium performance outerwear and street-wear brand. With this acquisition, we take another important step toward our longer term target of bypassing 1.5 billion euros (1.8 billion dollars) sales in Softgoods," added President and CEO of Amer Sports Heikki Takala.

The company added that sale of Peak Performance is not expected to affect the group's expectations for the financial year 2017/18 which runs until June 30, 2018.

Picture:Facebook/Peak Performance