UK's Sports Direct to acquire Ireland's Heatons
UK's Sports Direct has revealed that it has entered into a sale and purchase agreement to buy shares in Warrnambool which, following completion of that purchase will result in Sports Direct owning just over 50% of Warrnambool, the holding company of Irish department store chain Heatons.
Heatons has 44 stores in Ireland, 27 of which incorporate a dedicated "SportsWorld" section within the store. It also has ten stores in Northern Ireland, each of which either incorporates a "Sports Direct" branded section or is located immediately adjacent to a "Sports Direct" outlet which forms part of the premises.
Warrnambool also owns and operates another five standalone "Sports Direct" shops in Northern Ireland.
The total cash payable for the shares is €47.5m. Dave Forsey, Chief Executive Officer of Sports Direct, commented: "We look forward to accelerating investment into the existing store portfolio and strengthening the Heatons and Sports Direct brands across Ireland".
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