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Leumi Partners in Negotiation to Acquire 20% of Fox's Subsidiary - Walla! Business and Consumer

2019-12-12T07:17:08.549Z


This is a retail company that owns a franchise to operate the Nike brand in Israel and Canada and the Pot Locker brand in Israel, the deal reflects to the retailers the value of about NIS 750 million recently ...


Leumi Partners in negotiations to acquire 20% of Fox's subsidiary

This is a retail company that owns a franchise to operate the Nike brand in Israel and Canada and the Pot Locker brand in Israel. The deal reflects Retailors worth about NIS 750 million recently, Fox reported on negotiations to expand to a number of other European countries

Harel Wiesel (Photo: Reuven Castro)

Harel Wiesel CEO and owner of the Fox Group on the Tel Aviv Stock Exchange, September 5, 2010 (Photo: Reuven Castro)

Leumi Partners' investment arm is on its way to acquire 20% of Foxlight's subsidiary RitiLores, at a value of NIS 750 million. Retailors is actually the company that owns the franchises for the sports network operated by Fox, including Foot Locker and Nike.

As negotiations between the parties mature, Leumi Partners is expected to invest NIS 150 million for Fox's subsidiary shares.

The high value the transaction reflects to Fox's subsidiary relative to that of its parent company, which is valued at NIS 1.84 billion, is probably due not only to its current operations, but also to its potential activity and possible expansion to other countries.

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Today, Fox Group in Israel operates 22 Nike stores alongside operations in Canada and 52 Foot Locker stores in Israel. In recent months, she has been in talks to expand this activity to Europe.

About two months ago, we reported that the Fox group was teaming up with Nike and Foot Locker on the way to set up franchise operations in Europe.

The group, led by Harel Wiesel, is negotiating an agreement to acquire a franchise of Nike and Pot Locker stores in several European countries. Fox is expected to make the move through a retail company and open dozens of stores on the continent.

The Fox Group owns a franchise to set up a Nike brand store in Israel, although it does not have exclusives. Over the past few years, it has acquired all Nike brand stores in the country, with the exception of outlet stores operated by various franchisees, and has opened additional stores.

About two and a half years ago, the connection with Nike tightened, and Fox signed an agreement with Nike Canada, under which it was granted a license to establish a network of Nike stores in Canada for seven years.

The Fox Group has for the past two years marked the field of sports and expanded its hold. In addition to Nike's operations in Israel and Canada, Fox received a franchise to operate another sports network in Israel - Pot Locker, a multi-brand chain that markets sneakers of major brands, including Nike itself, Adidas, Fila and others. In about two and a half years Fox opened about 52 Pot Locker stores.

Source: walla

All business articles on 2019-12-12

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