Anta Sports Products Ltd., China’s largest sportswear company, said Tuesday it has agreed to acquire a 29% stake in Puma SE for €1.5 billion ($1.8 billion), a move that will vault Anta into position as the German brand’s largest shareholder.

A Cash Deal With Global Ambitions

Anta said it signed a share purchase agreement with Groupe Artémis, the investment arm of France’s Pinault family, to buy its Puma holding outright in cash. The Hong Kong-listed company expects the transaction to close by the end of 2026, pending regulatory approvals that have not yet been specified.

Anta emphasized that the acquisition will be funded entirely through internal cash reserves and stressed that it has no intention of launching a full takeover bid for Puma.

Strategic Bet on a Global Icon

Freshfields LLP is advising Anta Sports on the transaction, led by partner Rick van Aerssen, while Morgan Stanley is serving as financial adviser with a team headed by Moritz Zschoche. Counsel details for Puma were not immediately available.

Anta Chair Ding Shizhong described the deal as a cornerstone of the company’s “single-focus, multi-brand globalization” strategy—an approach designed to push the company beyond its home market and sharpen its global competitive edge.

Anta plans to leverage its market expertise to help Puma accelerate sales growth in China, one of the world’s most lucrative athletic apparel markets, Ding said.

A Brand Undervalued, a Future Reimagined

Ding said Puma’s recent share price slump presents opportunity rather than weakness. “We believe Puma’s share price over the past few months does not fully reflect the long-term potential of the brand,” he said, adding that Anta has confidence in Puma’s leadership and strategic overhaul.

Puma shares, traded on Deutsche Börse’s Xetra platform, have plunged 81% from a peak of €115.40 in November 2021 to €21.60 at Monday’s close.

Independence Preserved

Anta said Puma will retain its brand autonomy, corporate identity and independent governance after the deal closes. While Anta plans to seek representation on Puma’s supervisory board, it said any collaboration will be conducted strictly at arm’s length.

Founded in 1948 and headquartered in Herzogenaurach, Germany, Puma is among the world’s leading sportswear brands, with a strong foothold in football, running, training and motorsports. The company operates in more than 120 countries and employs roughly 20,000 people.

Two Global Footprints, One Strategic Arc

Anta, founded in 1991 and based in Jinjiang City in southeastern China, dominates its domestic sporting goods market and has expanded globally through brands such as Fila and outdoor apparel maker Jack Wolfskin.

The company said Puma’s strong presence in Europe, Latin America, Africa and India complements Anta’s existing international reach. Anta expects its experience managing a multi-brand portfolio to support Puma’s ongoing transformation.

Neither Anta Sports nor Puma immediately responded to requests for additional comment.