TORONTO — Canadian Tire Corp. Ltd. has signed a deal to buy Helly Hansen, a maker of sportswear and workwear based in Norway, for $985 million.
Under the deal for the company controlled by the Ontario Teachers’ Pension Plan, Canadian Tire also assume $50 million in debt.
The retailer said outdoor and workwear are core products in its stores and it has had a long history with Helly Hansen as one of its largest customers.
“For more than 10 years, Helly Hansen has been an exceptional fit with CTC and this acquisition will strengthen our assortment across all of our banners,” Canadian Tire chief executive Stephen Wetmore said in a statement.
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