UK's Frasers buys 'significant' stake in fashion retailer Hudson Malta
Adds details on deal and background throughout
Oct 15 (Reuters) -British sportswear and apparel retailer Frasers FRAS.L said on Tuesday it has bought a "significant" non-controlling stake in Africa-focused sport and fashion retailer and distributor Hudson Malta.
The financial terms of the stake purchase were not disclosed, but Frasers said the agreement allows it to potentially acquire a controlling interest in Hudson in the future.
The deal will help the company enter the Maltese market with the first Sports Direct store planned to open in 2025, and further expansion in the Northwestern Africa market, Frasers said.
The British retailer has been diversifying its portfolio over the last few years and has bought stakes in several brands including Hugo Boss BOSSn.DE, ASOS ASOS.L, Boohoo BOOH.L, Currys CURY.L and AO World AO.L.
It is currently in talks with Mulberry MUL.L, of which it is the second-largest shareholder, to buy out the handbag maker for 111 million pounds ($145.1 million).
Hudson manages close to 90 stores across Africa and southern Europe. and operates a distribution network of sport and fashion Brands, particularly Nike, in over 30 territories in Africa.
($1 = 0.7648 pounds)
Reporting by Prerna Bedi in Bengaluru; Editing by Varun H K
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