Canadian Tire has agreed to purchase Forzani Group’s chain of sporting goods outlets for $771 million in cash. Forzani, which operates the Sport Chek, and National Sports brands, is Canada’s largest sports retailer, with about 500 stores across Canada. The purchase price is based on a bid of $26.50 per share, or about 50 per cent more than Forzani’s latest closing price. Canadian Tire CEO Stephen Wetmore expects the deal will help his brand attract younger customers.
Canadian Tire buys Forzani Group
$771 million deal gives chain control over Sport Chek, National Sports brands
FILED UNDER: Business