VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
September 4: Chinese sporting goods manufacturer K-bird have released a statement announcing that they had ceased in the acquisition of Will's Fitness reportedly because that the two sides had failed to reach an agreement on the price and payment approach.
In March 2017, K-bird announced that they would buy the full 100% shares of Will’s Fitness by paying cash for the initial 25% and issuing new shares for the remaining 75%, with the value of the latter being estimated at RMB2.7 billion (US$413m).
In fact, prior to the statement, media reports had suggested that the deal had been closed. However, insiders said one of the reasons for pulling out of the deal was the low net profit and high asset-liability ratio of Will's Fitness' stakeholders which made the acquisition not a good choice for K-bird.
Founded in 1987, K-bird is a major company in China specializing in the manufacturing of sporting goods such as sports footwear and apparel. Will's Fitness is a fitness company founded in 1996 with 115 gyms around China, with their membership reaching 500,000.
Source: 36Kr
Proofread by Raymond Fitzpatrick
Related coverage
Port Adelaide FC partner with Shanghai CRED
14 Apr 2016
CSM nominated for 2016 TV Sports Awards
05 Aug 2016
Martin Lee to acquire Newcastle Jets
13 Jun 2016
Liaoning to bid for the 2024 National Winter Games
01 Dec 2017
Ten predictions for 2015 Chinese sports industry
04 Jan 2015
More from Yutang Sports
SportAccord Welcomes Return of Principal Media Partner Yutang Sports
01 Feb 2024
Interview Part I with Martin Gibbs, Managing Director of SportAccord: the Power of Sport Is Real
21 Mar 2024
WFDF is ready to fly in Chengdu for the World Games 2025
17 Apr 2024
Squash will be significantly boosted by LA28 inclusion
17 Apr 2024
SportAccord scores Summit touchdown with NFL
18 Jan 2024
Yutang Sports
loading...