The Hong Kong-listed company will pay €35 per share in cash for 43 million Puma shares, Anta said in a stock exchange filing. The price is a 62% premium to Puma’s €21.63 closing share price on Monday, up nearly 17% in the session.

Anta said it believed Puma could increase its international competitiveness and build its brand recognition with the Chinese company as its largest investor.

It said Anta would seek Puma board seats once the deal was finalised.

“Its (Puma) global business footprint and focused positioning in sports categories are highly complementary to the group’s existing multi-brand and specialised business,” Anta said in a statement.

Anta has a track record of acquiring and revamping Western sports and lifestyle brands, and in 2019, it led a consortium to buy Amer Sports, owner of racquet maker Wilson and mountain sports specialist Salomon.

Reuters reported in early January Anta had offered to buy about 29% of Puma from the Pinault family and had secured financing for the acquisition, although talks had at the time stalled over valuation.

The transaction comes as the German sportswear group struggles to revive sales and investor confidence under its new CEO, Arthur Hoeld.

Artemis, run by Francois-Henri Pinault, chairman of luxury group Kering, had previously described its Puma stake as non-strategic. The Pinault family acquired the holding from Kering in 2018, when the group repositioned itself as a pure luxury player.

Puma has been under pressure as demand weakened, and recent sneaker launches, including the Speedcat, failed to generate the momentum executives had hoped for. Hoeld, who took over last year, has outlined a turnaround focused on brand heat, performance products, and cost discipline.

The deal is subject to antitrust clearances, shareholder approval at Anta, and regulatory approvals in China and other jurisdictions. Anta said it expects to convene an extraordinary general meeting, with closing targeted after conditions are met.