Exclusive: Frasers Group acquires stake in athletic giant Puma
Frasers Group has taken a stake in athletic giant Puma, Morning Wire can reveal.
Retail giant Frasers has acquired 246,000 shares in the athletic group, according to German filings published on Thursday.
Puma’s share price currently stands at €22.50, meaning this 5.77 per cent stake is worth more than €5.5m.
Frasers Group, founded by British businessman Mike Ashley, also has holdings in Flannels, Sports Direct, House of Fraser and Debenhams.
Some of the shares acquired by Frasers are directly held while the majority have been taken via a sold put option – meaning the buyer can sell assets at an agreed price before a specific date – Morning Wire understands.
Along with the direct shares, Frasers has acquired an additional 8.3m sold put option shares, which are worth a further €187m based on Thursday’s share price.
The expiration date for three million of these shares is the middle of next month, while the deadline for a further one million is in September, with the remainder set to expire in December.
Frasers adds to retail empire
The shares are held by Frasers Group but registered under Ashley’s name in accordance with German listing rules.
Puma, founded in Germany in 1948, is the world’s third-largest sports apparel manufacturer.
The retailer’s shares rose three per cent on Thursday but are down by 20 per cent in the last year.
Frasers owns significant stakes in fashion groups Hugo Boss, Asos and Boohoo.
The British businessman is often active with the businesses in which he invests, having recently pushed for a seat on the board of Debenhams as the retailer attempts to mount a turnaround.
Puma and Frasers Group were contacted for comment.