Chinese firm eyes Serena Williams’ racquet maker
HONG KONG: China’s Anta Sports Products has offered to pay $5.5
the Wilson tennis racquets used by Serena Williams, it said in a statement Wednesday.
Anta has joined buyout firm FountainVest Partners to offer 40 euros ($ 46.50) a share for Finland’s Amer Sports, one of the world’s biggest sports equipment
which she smashed her racquet.
The bid is non- binding and subject to a number of conditions such as a due diligence investigation, the statement added.
Shares in Anta soared as much as 3.8 percent in Hong Kong premarket trade but soon reversed course and ended 9.15 percent down at HK$33.25.
However, Amer climbed 19 percent to close at 34.20 euros Serena Williams in Helsinki on Tuesday after it
Bloomberg News reported.
Anta, a Chinese homegrown sports company with a market value of $12.5 billion, has been seeking acquisitions of international brands.
Chinese brands saw an explosive presence in the 2018 Russian World Cup following years of effort to cement a presence on the world sporting stage.
China gear up for the 2020 summer Olympics Games in Tokyo and the 2022 winter games in Beijing.
UOB Kay Hian analyst Robin Yuen said in a note the move “is good timing to capture the hype of winter sports” ahead of the Beijing games.