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intimates-activewear

Umbro Holders OK Nike Purchase

Acquisition, for $565 million, is all cash and expected to be consummated in March.

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Umbro plc’s shareholders have approved Nike Inc.’s purchase of the soccer brand.

At a shareholders meeting held Thursday in London, shareholders gave the thumbs up to a $565 million all-cash acquisition, for which Nike has been maneuvering since Oct. 23.

 

Pending court hearings and final regulatory approvals, Nike Vapor Ltd., a wholly owned Nike subsidiary, expects to complete the deal in early March.

 

Nike intends to operate Umbro as a stand-alone brand, which will help fuel its growth in soccer.

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