Ottawa, May 10 (IBNS): Canadian Tire has signed a deal to buy Norway-based Helly Hansen, which is a maker of sportswear and workwear, for $985 million, media reports said.
As per the deal, Canadian Tire also assumed $50 million in debt.
Canadian Tire chief executive, Stephen Wetmore, has been quoted by CTV News, "For more than 10 years, Helly Hansen has been an exceptional fit with CTC and this acquisition will strengthen our assortment across all of our banners."
"With our capabilities and Helly Hansen's trusted global brand and management team, we see tremendous opportunity for CTC and Helly Hansen, in Canada and internationally."
Helly Hansen CEO, Paul Stoneham, has been quoted by CTV News, "CTC provides us with the ideal platform to further accelerate our growth trajectory and also strengthen our Canadian presence. This is a great opportunity for Helly Hansen and our team."
"CTC provides us with the ideal platform to further accelerate our growth trajectory and also strengthen our Canadian presence. This is a great opportunity for Helly Hansen and our team."
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