Sports Direct raises its stake in Findel to 36.8 percent

Sports Direct International plc has acquired 6,000,000 Findel shares at a price of 161 pence per share from City Financial Absolute Equity Fund. The company expects the acquisition to settle on March 6, 2019 and following the acquisition Sports Direct will, the company said in a statement, in aggregate, hold 31,850,000 Findel shares, representing 36.8 percent.

Sports Direct, the largest shareholder in British online retail and education business Findel, has been an investor in the company since September 25, 2015 and currently holds a 29.9 percent interest.

Following pilot-scale commercial tests of Sports Direct-licensed clothing brands on Express Gifts' Studio.co.uk website, the company added, Sports Direct and Findel have further developed the commercial supply arrangements between Express Gifts and Sports Direct.

Picture:Sports Direct media gallery