- Wolverine World Wide Inc (NYSE:WWW) subsidiary, Keds LLC, has sold Champion trademarks for footwear in the U.S. and Canada to its longtime licensee, HanesBrands Inc (NYSE:HBI), for $90 million in cash.
- Under the agreement, Wolverine Worldwide will retain a perpetual license to continue using the Champion trademark on certain footwear, including the Keds Champion sneaker.
- The transaction also successfully resolves outstanding litigation between the parties.
- “This transaction represents a unique opportunity to simplify our business model while at the same time securing a significant amount of cash at a meaningful multiple of future expected royalty streams,” said CEO Brendan Hoffman.
- Wolverine held $149.6 million in cash and equivalents as of April 2, 2022. HanesBrands held $369.2 million in cash and equivalents.
- Price Action: WWW shares closed lower by 1.13% at $20.16 on Thursday.
UAE Considers 10-Year ‘Golden’ Business License To Boost Foreign Investment: Here’s What It Means
The proposal was discussed during the inaugural 2024 Economic Integration Committee meeting, chaired by Abdulla bin Touq Al Marri, the Minister of Economy.
