Saudi Arabia’s Public Investment Fund is close to making an investment of more than $370 million in Signa Sports United, the Berlin-based sports commerce platform, according to the Wall Street Journal.
The sovereign wealth fund would join Signa’s earlier investors, including SoftBank and Abu Dhabi’s sovereign wealth fund Mubadala.
In June, Signa Sports said it planned to go public as it entered into a business combination agreement with Yucaipa Acquisition Corporation, a publicly traded special purpose acquisition company (SPAC) led by Chairman and President Ron Burkle and CFO and COO Ira Tochner.
Signa Sports plans to use the funding to position itself for growth in the U.S., according to the WSJ report. It wants to take advantage of the move to online purchasing accelerated by the pandemic, and the growing use of ebikes, according to a company investor presentation.
Signa Sports’ platform sells bikes, tennis equipment, outdoor and team sportswear. The company’s online sites operate primarily in Europe and the U.S. and include Fahrrad.de, Bikester, Probikeshop, CAMPZ, and Tennis-Point.
