Sports Direct agrees €47.5m takeover deal for Heatons

Britain’s leading sports retailer Sports Direct has reached agreement to assume full ownership of diversified Irish retailer, Heatons, in a €47.5m deal.

Sports Direct, founded by Newcastle United owner Mike Ashley, already owns 50% of Warrnambool, the holding company of Heatons, and has reached agreement to push that into a majority share by acquiring the unspecified minority percentage held by shareholder, Sandra Minor.

In addition, the company has signed a conditional ‘put and call’ option agreement with Warrnambool’s remaining investors, including Hugh Heaton, John O’Neill and Mark Heaton, that would result in Sports Direct gaining 100% control of the company.