Mike Ashley’s retail group has acquired 21.6 million A-shares from XXL’s totally underwritten rights subject, together with a further 777,289 A-shares as compensation as a assure.
This acquisition will improve Frasers’ whole stake within the firm to 32.9% of all shares and 40.8% of voting A-shares, exceeding the one-third possession threshold demanded by Norwegian securities regulation, which subsequently requires the group to make a suggestion for the remaining shares.
In addition to a web-based market, there are presently 85 XXL shops throughout Norway, Sweden, and Finland, using greater than 4,000 individuals. The retailer specialises in sports activities and out of doors merchandise, together with biking, searching, and snowboarding.
In December 2024, Frasers made a suggestion to amass over 50% of XXL at NOK 10 (73p) per share, valuing the corporate at NOK 246.35m (£17.9m). Nonetheless, the bid was withdrawn in February 2025 resulting from inadequate assist from different main shareholders.
On the time, Frasers, which owns Flannels, Sports activities Direct and Home of Fraser, additionally criticised the transaction construction proposed by XXL, questioning its legality and deeming it “detrimental to each Frasers and different minority shareholders.”
This newest bid aligns with Frasers’ ongoing worldwide growth efforts, which incorporates its latest ten-year strategic retail partnership with GMG to launch Sports activities Direct shops within the Center East and North Africa.
