VF Corp. said it entered into a definitive agreement to sell its Licensed Sports Group (LSG) business, including the Majestic Athletic brand, to Fanatics Inc.

VF’s LSG business includes the Majestic brand, which supplies apparel and fanwear through licensing agreements with U.S. and international professional sports leagues and teams.

The transaction, which is expected to close in the second quarter of this year, is subject to standard customary closing conditions for a closing to occur. Terms of the agreement were not disclosed.

In March 2016, VF Corp. indicated it was exploring a sale of its LSG business, which accounted for about $550 million in sales last year.

Fanatics, Inc. is a global leader for officially licensed sports merchandise. Fanatics comprises the broadest online assortment by offering hundreds of thousands of officially licensed items via its Fanatics, FansEdge and Kitbag brands, as well as the largest selection of sports collectibles and memorabilia through Fanatics Authentic.

Photo courtesy Majestic Athletic