ANTA SPORTS' proposed acquisition of over 29% equity in German sportswear brand Puma has achieved a significant milestone. On February 13, ANTA SPORTS announced it has received written shareholder approvals from ANTA International and its wholly-owned subsidiaries, Anda Holdings and Anda Investment, with all parties having approved the share purchase agreement and the acquisition. ANTA SPORTS stated that ANTA International, Anda Holdings, and Anda Investment currently hold approximately 1.201 billion shares, 161 million shares, and 116 million shares, respectively, totaling about 1.478 billion shares, which represents approximately 52.83% of the total issued shares. Since the conditions set forth in the listing rules have been met, the company will not convene a general meeting to approve the share purchase agreement and the acquisition.
The acquisition of this internationally renowned brand was initially announced by ANTA SPORTS on January 26, following an agreement with Groupe Artémis, the investment company of the French Pinault family. The deal involves acquiring a 29.06% stake in Puma SE, the parent company of the German sportswear brand Puma. The cash consideration is €35 per ordinary share, totaling €1.506 billion, to be funded through internal resources. Upon completion of the transaction, ANTA SPORTS will become the largest shareholder of Puma.
ANTA SPORTS indicated that this acquisition is a crucial step in advancing its "Single Focus, Multi-Brand, Globalization" strategy. Puma, as a world-renowned international leading sportswear brand with a rich history, possesses extensive global influence in both professional sports and fashion sportswear. Its global business and segmented positioning in sports categories are highly complementary to the group's existing multi-brand and specialized portfolio. ANTA SPORTS stated that acquiring this strategically significant minority stake to become the largest shareholder of the target company is expected to further enhance the company's position and brand recognition in the global sporting goods market, thereby strengthening its overall international competitiveness.
Management previously clarified during an analyst conference call that there are no current plans to take Puma private. The acquisition will be fully funded from internal resources and is not expected to impact the company's dividend distribution or shareholder cash returns.
Multiple institutions have commented on ANTA's acquisition move. J.P. Morgan published a research report stating that ANTA's €1.5 billion (approximately RMB 12.3 billion) acquisition of the Puma stake is reasonably priced, considering Puma's brand history, strengths in professional sports like football and running, and its presence in international markets such as Europe and Latin America. The report emphasized that the acquisition funds will come entirely from ANTA's internal resources. With net cash reaching RMB 31.5 billion as of the first half of 2025, the company has sufficient capacity to handle the transaction while maintaining its dividend policy, alleviating market concerns about financing pressure. This equity acquisition is seen as a key strategic step for ANTA towards realizing its vision of becoming a global multi-brand sportswear group.
Everbright Securities noted that this acquisition of a minority stake in Puma represents another important milestone in ANTA's multi-brand strategy. Given Puma's large brand scale, deep historical roots, strong European base, and powerful global influence, it will help the company achieve a significant breakthrough in its multi-brand and global layout, marking another strategic move in the European and American sports markets following the Amer Sports acquisition. In terms of product categories, Puma's main offerings, including football, athletics, motorsports, golf, and basketball, will complement the diversity of ANTA's sports portfolio.
Puyin International pointed out that Puma is an ideal choice for ANTA's "multi-brand globalization" strategic layout. According to Euromonitor, Puma is the sixth largest sportswear brand globally by revenue, with strong brand power and market presence worldwide, particularly in Europe, Latin America, Africa, and India. However, Puma currently faces challenges such as brand cooling, product focus issues, and relatively high inventory levels, which have led to its performance and valuation being at historical lows. This also makes Puma highly aligned with ANTA's investment criteria under its "multi-brand, globalization" strategy. Leveraging the successful experience accumulated over the past decade with brands like Fila, Descente, Kolon, and Amer Sports, ANTA has established systems supporting global development in brand building, retail execution, and supply chain management. ANTA is expected to assist Puma in achieving brand transformation, revitalizing brand power, and reversing its performance trajectory.
Puyin International research suggests that ANTA will focus on revitalizing Puma's brand strength over the next three years, using the Chinese market as a leverage point to steer Puma back onto a path of growth and profitability. However, Puyin International also noted that the acquisition could have a certain negative impact on ANTA's 2026 earnings in the short term. As of the first half of 2025, the company held net cash of RMB 31.5 billion. After completing the Puma equity acquisition, ANTA's net cash position may decrease significantly by nearly 40%. This could also lead to a year-on-year decline in ANTA's interest income for 2026. Additionally, Puma's profitability in 2026 may continue to face pressure, which would negatively affect ANTA's 2026 earnings. "Based on these considerations, we have appropriately lowered our earnings forecast for ANTA in 2026. Nevertheless, we believe the market should focus more on the long-term strategic development impetus provided by the Puma acquisition, rather than overemphasizing the short-term impact on performance," Puyin International stated in its latest report.