- Trading house Itochu has agreed to acquire a majority stake in Under Armour Inc’s UAA Japanese distributor, Dome, Nikkei Asia reported.
- Itochu is expected to own about 70% of Dome after completing the transactions, leaving Under Armour with a 30% stake.
- The report noted that Itochu and Under Armour are expected to manage the business in Japan together.
- Itochu is the top shareholder in Japanese sportswear maker Descente.
- Price Action: UAA shares are trading higher by 2.21% at $17.14 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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