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REFILE-Adidas sells golf business Taylormade to buyout group KPS
May 10, 2017 / 5:25 PM / 7 months ago

REFILE-Adidas sells golf business Taylormade to buyout group KPS

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FRANKFURT, May 10 (Reuters) - German sportswear maker Adidas is selling its golf equipment and clothing brands TaylorMade, Adams Golf and Ashworth to private equity firm KPS Capital Partners, taking a hit to its earnings.

Adidas will get $425 million, around half of which will be paid in cash and the rest in secured notes and contingent considerations, the company said in a statement on Wednesday.

It had put the loss-making business up for sale last year to focus on shoes and clothing. After peaking around 2000, when Tiger Woods was in his prime, the number of people playing golf in the United States, which accounts for half the global golf market, has fallen sharply.

Adidas also said that following the sale it will book a charge in the high double-digit to low triple-digit millions of euros range. (Reporting by Arno Schuetze; Editing by Greg Mahlich)

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