FRANKFURT (Reuters) – Sporting items retailer SIGNA Sports activities United, owned by Austrian investor Rene Benko, is in talks to go public by way of a merger with a clean examine firm in a deal that would worth the agency at as much as $4 billion, two folks accustomed to the matter stated.
SIGNA Sports activities United is working with a number of banks, together with Citigroup Inc, on a possible transaction and is in preliminary talks with particular function acquisition firms (SPAC), together with Yucaipa Acquisition Corp, the folks stated.
SIGNA Sports activities United can be nearing a deal to purchase Britain-based on-line sporting items retailer Wiggle, which is owned by non-public fairness agency Bridgepoint, the folks stated.
No agreements have been reached and there’s no assure that offers will materialise, they added.
SIGNA and Wiggle declined to remark. Citigroup and Yucaipa weren’t instantly obtainable for remark.
SIGNA Sports activities United explored a inventory market itemizing in 2019 at a valuation of 1 billion euros however then opted for a fundraising, bringing in Asian retailers Aeon Co Ltd and Central Group in addition to German insurer R+V.
SPACs elevate funds in an preliminary public providing with the goal of shopping for a personal agency, which then robotically will get a inventory market itemizing.
SIGNA Sports activities United runs corporations like bicycle on-line retailers Fahrrad.de or Bikester, out of doors gear retailer Campz and on-line tennis platform Tennis-Level in addition to group sport retailers Clothes shop and Stylefile.
The corporate runs greater than 80 net retailers in 17 international locations, reaching over 4 million clients a yr. The group expects gross sales of about $1.6 billion in its present fiscal yr to September, the folks stated, including this might greater than double over the subsequent 4 years.
In July 2020, it stated nine-month gross sales had spiked by 28% as consumers went on-line through the coronavirus pandemic with retailers closed in lockdowns.