South Korean retailer E-Land Group agreed to purchase U.S. footwear maker K-Swiss Inc for around 200 billion won ($189 million), a South Korean newspaper reported on Thursday. The Korea Economic Daily, citing unnamed investment banking sources, said E-Land is expected to acquire at least 70 percent of K-Swiss and is looking at buying out minority shareholders to take full ownership of the footwear maker.K-Swiss could not be immediately reached for comment, while an E-Land spokesman declined to comment.E-Land, a privately-owned retailing group, has added outlets, leisure holdings and upmarket brands such as bags and wallet maker Mandarina Duck in a series of acquisitions since 2009.Last year, it joined a consortium that bid for, but failed to acquire, the U.S. Major League Los Angeles Dodgers baseball franchise.
Designs, develops, and markets high performance and casual athletic footwear. Shares of KSWS fell by 1.24% or $-0.04/share to $3.19. In the past year, the shares have traded as low as $2.20 and as high as $4.59. On average, 218249 shares of KSWS exchange hands on a given day and today's volume is recorded at 122749.
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