Sports equipment maker Bauer Performance Sports Ltd said on Monday it plans to list its shares on the New York Stock Exchange and change its name to Performance Sports Group Ltd, as part of a move to reflect its recent strategic acquisitions and expanded focus. Earlier this year, Bauer announced it was buying the Easton baseball and softball business for $330 million in cash. The deal that closed in April transformed Bauer, which has long been known primarily as a leading maker of ice hockey equipment.In conjunction with the plan to list on the NYSE, Bauer also said it plans to raise about $110 million via an equity offering in Canada and the United States. Bauer plans to use proceeds from the deal to pay down debt and repay part of the term loan facility taken on to fund the acquisition of the Easton assets.Founded in Kitchener, Ontario, Bauer developed the first skate with a blade attached to the boot, an innovation credited with changing the game of hockey.The company, which dates back to the 1920s, was owned for about a decade by U.S. sporting goods company Nike Inc before being sold to private equity firm Kohlberg & Co in 2008. It was taken public via an initial public offering in 2011.
NIKE, Inc. (NIKE) is engaged in the design, development and worldwide marketing and selling of footwear, apparel, equipment, accessories and services. Shares of NKE traded higher by 0.58% or $0.44/share to $76.67. In the past year, the shares have traded as low as $59.11 and as high as $80.26. On average, 3627180 shares of NKE exchange hands on a given day and today's volume is recorded at 2514340.
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