Australian footwear business Accent Group has responded to a media report that claim it is expected to sign a deal with British retail business Frasers Group, which would lift Frasers’ stake in Accent to 19.99 per cent.
According to the news report by the Australian Financial Review, a deal is slated to be signed as early as this week, which would see Frasers “leverage Accent’s distribution capability to expand its British fitness brand Sports Direct into Australia, where it is current online-only.”
According to Accent, the footwear group and Frasers “have not agreed binding transaction documents, and there can be no certainty that this will occur nor the final structure or terms of such documents.”
Accent has previously announced and now reconfirmed that it remains in active discussions with Frasers.
“These discussions involve Frasers granting Accent the right to launch and operate the Sports Direct business including online in Australia and New Zealand,” the group shared in an ASX statement.
“The transaction may also involve Frasers increasing its existing 14.57 per cent shareholding in Accent.”
The connection with Frasers came as the London-listed business bought a 14.57 per cent shareholding stake in Accent from Australian retail businessman Brett Blundy last year in August.