お知らせ • Jun 02
Kontoor Brands, Inc. (NYSE:KTB) completed the acquisition of Helly Hansen AS from Canadian Tire Corporation, Limited (TSX:CTC.A).
Kontoor Brands, Inc. (NYSE:KTB) signed a definitive agreement to acquire Helly Hansen AS from Canadian Tire Corporation, Limited (TSX:CTC.A) for CAD 1.3 billion on February 18, 2025. As part of consideration, CAD 1.28 billion is paid towards common equity of Helly Hansen AS, subject to closing adjustments. Purchase price is approximately CAD 900 million and reflects an approximate 11x transaction multiple based on Kontoor’s full year 2025 adjusted EBITDA outlook for Helly Hansen, excluding synergies. CTC has agreed to sell the company that owns and operates the Helly Hansen brands and related businesses. In conjunction with the transaction, CTC also expects to continue to sell Helly Hansen products in its banners under a multi-year supply agreement with Kontoor Brands. The transaction reflects CTC’s increasing focus on its Canadian retail portfolio. The Board of Directors of Kontoor Brands has approved the transaction. Kontoor expects to finance the transaction with a combination of cash on hand and new debt.
For the period ending December 31, 2024, Helly Hansen AS reported total revenue of CAD 894 million and EBITDA of CAD 102 million. The Company intends to adopt a balanced approach to the allocation of the transaction proceeds, consistent with its past practice. Proceeds are expected to be deployed to a combination of debt reduction, share repurchases, as well investments to drive customer experience and growth in its core Canadian retail business. The proceeds will also provide CTC with additional flexibility for general corporate purposes, including to address market uncertainty. The Company expects the transaction to close in the second quarter of 2025, subject to receiving all regulatory approvals and other customary closing conditions as well as the signing of the supply agreement between the two parties. As of May 6, 2025 Kontoor Brands has received all required regulatory approvals and expects the acquisition to close at the end of May 2025, subject to customary closing conditions.
Goldman Sachs & Co. LLC acted as financial advisor for Canadian Tire Corporation, Limited. Stuart Rogers of Alston & Bird represented Morgan Stanley. Morgan Stanley & Co. LLC is serving as exclusive financial advisor and Bryan S. Schultz, Timothy L. Voigtman and Joshua P. Roling of Foley & Lardner LLP, Bjorn Olav Torpp and Tone Grivi of Advokatfirmaet Haavind AS as legal advisor for Kontoor Brands. Trevor Zeyl, Walied Soliman, KC Bruce Sheiner, Barry N. Segal, Joseph Cohen-Lyons, Jeffrey Kang, Imran Ahmad, Troy Ungerman, Martin Masse, Erin Brown, Oliver Moore and Mélissa Devost of Norton Rose Fulbright Canada LLP, Saskia Blokland, Jon Perry, Ian Giles, Catrina Smith, Paul Griffin, Shane O'Reilly and Graeme Tricker of Norton Rose Fulbright LLP, Todd Schroeder, Josh Owings, Adam Braun, Luke McFarland and Neely B. Agin of of Norton Rose Fulbright US LLP and Marc Waha of Norton Rose Fulbright Hong Kong acted as legal advisor for Canadian Tire Corporation, Limited. Stikeman Elliott LLP, Cassels Brock & Blackwell LLP, Burnet, Duckworth & Palmer LLP and Torys LLP acted as legal advisor to Canadian Tire Corporation, Limited.
Kontoor Brands, Inc. (NYSE:KTB) completed the acquisition of Helly Hansen AS from Canadian Tire Corporation, Limited (TSX:CTC.A) on June 2, 2025. Helly Hansen is expected to be immediately accretive to the Company’s revenue, adjusted earnings per share and cash flow in fiscal 2025, consistent with the Company’s outlook provided on May 6, 2025.