Foot Locker, Inc. (FL) said Wednesday that it has agreed to buy Runners Point Warenhandelsges. mbH, a specialty athletic store and online retailer based in Recklinghausen, Germany, for total cash consideration of €72 million, or about $94 million.
Runners Point Warenhandelsges is currently majority owned by the private equity firm HANNOVER Finanz. The company's Chief Executive Office, Otto Hurler, and Chief Financial Officer, Harald Wittig own the balance of the company.
Both Hurler and Wittig, along with other members of senior management, will remain with the company post-acquisition.
The deal is subject to review by merger control authorities in Germany.
Runners Point Warenhandelsges operating more than 200 stores, with its most prominent banners being Runners Point and Sidestep, as well as an online subsidiary, Tredex. It previously announced sales of €197 million, or $254 million, for calendar year 2012. Most of the stores are in Germany, although there are also Runners Point and Sidestep stores in The Netherlands, Austria, and Switzerland.
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