Sports Direct acquires Dunlop brand rights
Sports Direct, the high street sportswear giant controlled by Newcastle United FC owner Mike Ashley, has bought the brand rights for Dunlop and Slazenger in Australia and New Zealand from Pacific Brands.
The transaction is expected to be completed on 1 December 2014 and is part of a wider set of disposals by Pacific Brands totalling m (£24.9m).
International Brand Management & Licensing (IBML), a London-based division of Sports Direct with more than 300 licensing and distribution partners, will acquire the two brands.
The m deal also includes the sale of Pacific Brands' footwear and apparel division to Australian private equity firm Anchorage Capital Partners and the sale of other assets to Designworks.
Designworks will license the Dunlop, Slazenger and Everlast brands from IBML.
Pacific Brands chief executive David Bortolussi said the deal is consistent with the company's strategy of simplifying its business and allowing it to focus more on less.
"While this has been a complicated divestment to execute, the transactions are all unconditional and should be completed within two weeks with minimal disruption to customers and our core business," he added.
Sports Direct is yet to comment on the deal.