Nike Reaches Definitive Agreement To Sell Hurley
A definitive agreement, also called a “definitive purchase agreement,” “stock purchase agreement,” or “definitive merger agreement,” is a binding contract that records the final terms and conditions between two companies.
NIKE, Inc. announced today it has reached a definitive agreement to sell the Hurley brand to Bluestar Alliance LLC.
Terms of the transaction are not being disclosed and it is expected to be complete in December.
Nike, Inc. is an American multinational corporation that is engaged in the design, development, manufacturing, and worldwide marketing and sales of footwear, apparel, equipment, accessories, and services.
The company is headquartered near Beaverton, Oregon, in the Portland metropolitan area.
A business sale, or asset sale, refers to the sale of the business assets from the current owner to a buyer.
The seller and buyer can be different entities (such as a sole trader, company or trust), but the distinctive feature of an asset sale is that the business assets change ownership.
Hurley is an American company that sells clothes and accessories marketed towards surfing and swimming.
Established in 1979 as a distributor for Billabong clothing in the United States, Hurley was sold to Nike, Inc. in 2002 for an undisclosed price and then to Bluestar Alliance LLC in 2019 for an undisclosed price.
Founded by Joseph Gabbay and Ralph Gindi in 2006, Bluestar owns, manages, and markets a portfolio of consumer brands that span across many tiers of distribution from luxury to mass market.
This portfolio consists of major department store retail brands including Hurley, Justice, Brookstone, Tahari, Bebe, Kensie, Catherine Malandrino, Nanette Lepore, English Laundry and Limited Too.