Mike Ashley, founder of Sports Direct in 1982, is selling a 2.6 per cent stake in the business, worth £117 million, in a deal with Goldman Sachs.
Next goes from strength to strength as the retailer on Wednesday announces sales in the first thirteen weeks of the year were up 10.8 per cent.
Sports Direct founder Mike Ashley surprised the industry once more last night with an unexpected sale of shares worth more than £200 million of his sports business.
Having revealed on Friday that Pets at Home will be listed with an implied market capitalisation of £1.3 billion, private equity owner KKR could now be in line for a £200 million pay-out, while the retailer’s management could also be up for cash and share payments worth more than £20 million.
Cosmetics giant L’Oreal will buy 8 per cent of its capital for EUR 6.5 billion from Nestle, although the consumer goods group is adamant the sale does not signal an exit.
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