A group led by Fila Korea is buying golf ball and club maker Titleist from Fortune Brands Inc's (FO.N) for $1.23 billion, beating off competition from private equity fund Blackstone Group (BX.N) among others. Fortune, under pressure from activist investor William Ackman, last year announced plans to sell or spin off its Acushnet golf unit as well as its home products business, which makes Simonton windows and Moen faucets.. Fila Korea, an ambitious footwear and sportswear retailer, acquired the global Fila name in 2007 from Sports Brands International, a unit of hedge fund Cerberus Capital Management. The deal gave Fila Korea rights to the worldwide use of footwear and apparel brands of the parent firm, established in Italy in 1911.
Fortune Brands, Inc. is a holding company with operating companies engaged in the manufacture and sale products, such as distilled spirits, home and security products, and golf products. Shares of FO remained unchanged at $64.89. In the past year, the shares have traded as low as $37.05 and as high as $65.48. On average, 801532 shares of FO exchange hands on a given day and today's volume is recorded at 0.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX remained unchanged at $17.23. In the past year, the shares have traded as low as $8.93 and as high as $19.63. On average, 3958320 shares of BX exchange hands on a given day and today's volume is recorded at 0.
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