China-based sports brand Xtep International Holdings Ltd announced plans to acquire E-Land Footwear USA Holdings Inc., the parent of K-Swiss, for $260 million in an all-cash deal, according to Reuters.
Xtep agreed to buy a 100 percent stake in E-Land Footwear from South Korea-based E-Land World Ltd, Xtep said in a filing with the Hong Kong bourse. E-Land Footwear also owns Palladium, Supra, PLDM and KR3W.
“The board believes that the transaction is an attractive opportunity to invest in a portfolio of global renowned sportswear and lifestyle brands targeting the high-end market segment,” Xtep Chairman Ding Shui Po said in the statement.
The deal is expected to be completed by the end of July.
E-Land acquired K-Swiss in 2013 in a deal valued at about $170 million.
