Fortune Brands Finds Buyer For Golf Business
Deerfield, Ill. — Fortune Brands Inc. last month announced an agreement for the sale of its Acushnet Company golf business.
Fortune said it is selling Acushnet, which includes the Titleist and FootJoy brands, to a group led by Fila Korea Ltd., the owner of the Fila brand globally, and Mirae Asset Private Equity, the largest private equity firm in Korea. The purchase price is $1.225 billion in cash. Fortune Brands estimates it will realize net proceeds of approximately $1.1 billion after taxes and expenses.
The transaction is expected to close this summer.