Canadian Tire Corp Ltd (TSX: CTC, CTC.A) has closed its acquisition of Helly Hansen, an Oslo, Norway-based maker of sportswear and workwear. The deal, announced earlier this year, is valued at $985 million. Canadian Tire also assumed $50 million of the company’s operating debt.
Founded in 1877, Helly Hansen has since 2012 been majority owned by Ontario Teachers’ Pension Plan. Ontario Teachers’ initially acquired about 75 percent of the business from Altor Funds. It bought the remaining interest in 2015.
Based in Toronto, Canadian Tire provides a range of retail goods and services.
Canadian Tire Corporation Completes Acquisition of Helly Hansen
TORONTO, July 3, 2018 /CNW/ – Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) today announced that it has successfully closed the acquisition of the company which owns and operates the Helly Hansen brands and related businesses. Helly Hansen is a leading global brand in sportswear and workwear based in Oslo, Norway.
About Canadian Tire Corporation
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or “CTC”, is a family of businesses that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark’s, a leading source for casual and industrial wear; Pro Hockey Life, the world’s largest hockey centric retailer; and FGL (Sport Chek, Hockey Experts, Sports Experts, National Sports, Intersport and Atmosphere), which offers the best active wear brands. The approximately 1,700 retail and gasoline outlets are supported and strengthened by our Financial Services division and the tens of thousands of people employed across the country by the Company and its local dealers, franchisees and petroleum retailers. For more information, visit Corp.CanadianTire.ca.
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