Fortune Brands has hired Morgan Stanley to auction its golf division, a sale that may fetch as much as $1.5 billion, Bloomberg reported. The news agency cited four people with knowledge of the matter. The company's golf segment includes the Titleist and Footjoy brands.
Morgan Stanley may approach and Adidas, which owns Taylormade, and Nike as well as private equity firms and Asian companies like Sumitomo Rubber, the owner of the Srixon golf-ball brand, Bloomberg said.
Fortune Brands and Morgan Stanley were not available for comment.
On Dec. 8, Fortune Brands said it was to spin off its golf and home products units amid pressure from activist investor William Ackman.
