Private equity firm H.I.G. Capital LLC offered to acquire a 75% stake in Lagardère Sports, a unit of French media company Lagardère SCA.
The transaction pegs Lagardère Sports' enterprise value at about €110 million, inclusive of net cash and liabilities.
The stake purchase would support Lagardère Sports' strategic plan, while allowing Lagardère to focus on its publishing and travel retail businesses.
The deal is expected to close before the end of the first quarter of 2020, subject to antitrust approval and a consultation with the relevant employee representative bodies. Lagardère will keep a 25% stake in Lagardère Sports following the transaction.