Canadian Tire Corp., Ltd (CDNAF), Wednesday announced a definitive agreement to sell its Helly Hansen business to Kontoor Brands, Inc. (KTB) for $1.276 billion.
The proceeds from the sale would be utilized for debt reduction, share repurchases, as well investments to drive customer experience and growth in its core Canadian retail business. Additionally, it would provide more financial flexibility to the company.
The transaction is set to close in the second quarter of 2025.
Canadian Tire's stock closed on Tuesday at $98.49, down 0.08 percent on the OTC Markets OTCPK.
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