General merchandise store operator Canadian Tire Corp. Ltd, or CTC, agreed to acquire sports and outdoor apparel company Helly Hansen for C$985 million.

The purchase of the Oslo-based company, which is controlled by the Ontario Teachers' Pension Plan, will expand CTC's brand offerings, and global footprint as well as strengthen the company's core businesses, the company said May 10. Helly Hansen has wholesale and retail distribution capabilities across more than 40 countries, the company said.

The deal is expected to close in the third quarter. Helly Hansen CEO Paul Stoneham and his team will continue to oversee the business. He will report directly to CTC executive vice president Mahes Wickramasinghe.