Chinese sportswear company Anta published an announcement, stating that the company's Amer Sports Corporation signed a share and asset purchase agreement with the buyer Peloton Interactive, Inc. on December 12, 2020 to sell the assets of Precor for a total cash consideration of USD420 million.
According to the agreement, the assets include shares and intellectual properties of Precor. On the completion of the transaction, Peloton Interactive will own the whole rights and interests of Precor, and the Precor Group will no longer be a subsidiary of Anta or Amer.
Anta will reportedly use the fund gained from the transaction for general corporate purposes, including but not limited to working capital and/or debt repayment under existing financing arrangements.
Public files show that the member companies of the Precor Group are all directly or indirectly owned by Amer. The Precor Group is mainly engaged in the manufacturing, distribution, provision, service and sale of cardiovascular and strength exercise machines, fitness equipment, fitness accessories and related technology and digital services. Its brands cover Precor, Queenax, Icarian, Cardio Theater, Preva, Spinning and Assault.