Anta Sports buys 29% stake in Puma for $1.8 billion, rules out full takeover

HONG KONG / HERZOGENAURACH — China’s Anta Sports Products is making a bold global expansion move by acquiring a 29.06% stake in German sportswear maker Puma SE in an all-cash deal worth about €1.5 billion ($1.8 billion). The Chinese group has stressed it does not plan a full takeover but will play a strategic role as Puma’s largest shareholder.

The shares will be bought from the Pinault family’s Artemis holding company at €35 per share, a 62% premium over Puma’s recent closing price, underlining Anta’s confidence in Puma’s long-term prospects.

The stake purchase repositions Anta — already a major multi-brand player — as a significant force in global sportswear and signals renewed investor confidence in Puma’s turnaround plan amid stiff competition from Nike, Adidas and other fast-growing brands.

Strategic fit and brand portfolio

Anta said Puma’s global footprint complements its own portfolio, adding to international labels the group already owns or backs, including Fila, Descente, Jack Wolfskin, Maia Active and Amer Sports. The deal provides Anta with an established marquee brand while boosting its presence in Europe and other key markets.

Anta plans to seek representation on Puma’s supervisory board once the transaction closes, giving it influence over strategic decisions without acquiring full control.

Group Chairman Ding Shizhong said Anta sees “long-term potential” in Puma and supports the German brand’s growth strategy, particularly given its resonance with consumers in China and other Asian markets.

Puma’s challenge and turnaround efforts

Puma has faced pressure from slowing demand and competitive headwinds, with some recent product launches failing to spark significant sales momentum. Under new CEO Arthur Hoeld, the company has been implementing a turnaround strategy focused on brand repositioning, strengthening performance categories and improving cost discipline.

The restructuring at Puma has also included workforce adjustments and efforts to sharpen its product range and marketing focus as part of the broader plan to regain growth.

Market reaction and next steps

Investors reacted positively to the deal news. Anta’s shares climbed more than 3% in early trading, reflecting optimism about the strategic logic of the acquisition. Puma’s shares also rose sharply following the announcement, as the premium offer underlined confidence in a turnaround.

The transaction is subject to antitrust clearances, shareholder approval from Anta, and other regulatory approvals. The parties have indicated that the deal is expected to close by the end of 2026 once customary conditions are met.

Why This Matters

This deal represents one of the most significant investments by a Chinese sportswear group in a major Western consumer brand in recent years. By acquiring a substantial stake in Puma — without triggering a full takeover — Anta gains strategic influence while leaving room for Puma’s operational autonomy.

For Puma, the partnership could inject fresh capital and strategic insight at a time when the brand seeks to regain market share against dominant players. For Anta, the move accelerates its globalization strategy and deepens its presence in Europe and other developed markets.

Summary

• China’s Anta Sports Products agreed to buy a 29.06% stake in Puma for about €1.5 billion ($1.8 billion).
• Anta will pay €35 per share — a 62% premium — and may seek board representation post-deal.
• The stake comes from the Pinault family’s Artemis holding company but Anta has ruled out a full takeover.
• Puma’s turnaround remains a priority under CEO Arthur Hoeld, focusing on brand strength and cost discipline.
• Closing is expected by end-2026, subject to approvals.

FAQs

Q1. How much is Anta paying for its stake in Puma?

Anta is paying €1.5 billion (about $1.8 billion) in cash to buy a 29.06% stake at €35 per share — a significant premium over recent trading levels.

Q2. Does Anta plan to fully acquire Puma?

No. Anta has said it does not intend to pursue a full takeover, instead seeking strategic influence and board representation.

Q3. Why is Puma selling a large stake now?

The stake is being sold by the Pinault family’s investment vehicle, which has described the holding as non-strategic, and Anta’s offer provides liquidity and strategic partnership potential.

Q4. How does this help Anta’s global strategy?

The acquisition expands Anta’s global footprint and adds an iconic European sportswear brand to its multi-brand portfolio, complementing its presence in China and other key markets.

Q5. What challenges is Puma currently facing?

Puma has been navigating slower demand, competitive pressures and underperforming product segments, prompting a turnaround strategy under new leadership.

Q6. What approvals are needed before the deal closes?

The deal requires antitrust clearances, regulatory approvals, and shareholder approval from Anta before it can be completed, with closing anticipated by the end of 2026.