Canadian Tire is buying Norway-based sportswear company Helly Hansen for nearly $1 billion.
The iconic retailer said Thursday it will pay $985 million and assume $50 million of the debt of the Norwegian firm, which makes various types of clothes for active living and other outdoor gear.
While based in Oslo, Helly Hansen is owned by the Ontario Teachers’ Pension Plan.
Teachers’ bought the chain in 2012 and worked with the company to expand its international presence. Helly Hansen recently reported its third consecutive year of rising profits.
Helly Hansen CEO Paul Stoneham and the management team, based in Norway, are expected to continue to lead the business.
“With our capabilities and Helly Hansen’s trusted global brand and management team, we see tremendous opportunity,” Canadian Tire CEO Stephen Wetmore said.