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PRESS: Frasers sizing up ProBikeKit assets in deal with THG - Sky News

22nd May 2023 13:19

(Alliance News) - Sports Direct owner Frasers Group PLC is in talks to acquire the stock and intellectual property of THG PLC's ProBikeKit cycling goods unit, Sky News reported on Monday.

A deal could be struck and announced later this week, Sky News noted.

ProBikeKit is an online seller of bike components, accessories and clothing. It was acquired by THG in 2013. E-commerce firm THG is planning to exit from most of its operations in OnDemand lifestyle division by the end of the third-quarter of 2023, the firm said in April. ProBikeKit is part of THG OnDemand.

Frasers has owned online and high street chain Evans Cycles since 2018, rescuing it from administration.

THG shares were 4.0% higher at 59.70 pence each in London on Monday afternoon. Shares are down 88% from its 2020 listing price of 500p. Frasers traded 1.1% lower at 757.33p on Monday.

THG earlier in May Friday said takeover talks with Apollo Global Management Inc were terminated.

The e-commerce platform said it became clear "there is no longer any merit in continuing to engage with Apollo".

Back in April, THG had said it received buyout interest from the US private equity firm. THG at the time noted that it is "a highly preliminary and non-binding indicative proposal", but did not disclose the terms of the proposal.

By Eric Cunha, Alliance News news editor

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