CPE Media News – pcJournal (7/3/2018) – Canadian Tire Corporation, Limited (TSX: CTC, CTC.A) has closed the acquisition of the company which owns and operates the Helly Hansen brands and related businesses from Ontario Teachers’ Pension Plan and Helly Hansen management shareholders for $985 million. Canadian Tire will also assume $50 million of operating debt, net of cash.
Ontario Teachers’ acquired Helly Hansen in 2012.
Norton Rose Fulbright Canada LLP and Kirkland & Ellis International LLP acted as legal counsel to Canadian Tire and Ontario Teachers respectively.
Canadian Tire entered into the agreement to acquire Helly Hanson on May 10, 2018.
photo credit: Helly Hanson
News Release
Canadian Tire Corporation Completes Acquisition of Helly Hansen
Toronto, July 3, 2018 – 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.
For further information:
Media: Andrea Van Vugt, 416-480-8514, andrea.vanvugt@cantire.com
Investors: Lisa Greatrix, 416-480-8725, lisa.greatrix@cantire.com