UK's Frasers Group withdraws from SportScheck deal amid insolvency

04 Dec '23

1 min read

Pic: Sport Chek

Insights

Frasers Group withdraws from the SportScheck acquisition deal after the latter files for insolvency.
Despite the setback, Frasers remains interested in SportScheck as an appealing asset in a key European sports market.
The company plans to collaborate with the preliminary insolvency administrator to potentially acquire SportScheck's business/assets.

Frasers Group had recently announced that it had entered into a binding agreement with Signa Retail Department Store Holding to acquire SportScheck. The transaction, which was subject to merger control clearance, was to be effected by the acquisition of 100 per cent of the share capital in SportScheck.

However, SportScheck has filed for insolvency, leading Frasers to withdraw from the transaction, the company said in a press release.

While Frasers is disappointed by the insolvency of SportScheck, it continues to believe that SportScheck is an attractive asset in one of Europe's most important markets for Sports and it intends to work with the appointed preliminary insolvency administrator of SportScheck with a view to acquiring the SportScheck business/assets out of administration. Frasers remains committed to the ambition to become the leading sports retailer in EMEA.

Fibre2Fashion News Desk (RR)

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