Sportswear retailer Foot Locker has been given the go-ahead to complete its acquisition of German specialty athletic retailer Runners Point Warenhandelsges (RPG) for EUR72m (US$94.6m).

The deal has been approved by the Federal Cartel Office in Germany. 

According to the terms of the agreement, the transaction is expected to close in early July.

RPG, which is owned by private equity firm Hannover Finanz, operates more than 200 stores under the Runners Point and Sidestep banners in Germany, the Netherlands, Austria and Switzerland, as well as an online subsidiary Tredex.

Foot Locker, which operates 3,321 stores across North America, Europe, Australia and New Zealand, last month said first-quarter net profit rose 7.8% to $128m on the back of sales growth.

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Foot Locker, Inc. Receives Approval To Complete Runners Point Group Acquisition

NEW YORKJune 17, 2013 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, announced today that it has received approval from the Federal Cartel Office in Germany to complete its previously announced acquisition of Runners Point Warenhandelsgesellschaft mbH ("RPG"). According to the terms of the agreement between Foot Locker, Inc. and RPG, the transaction is now expected to close in early July.

 

Foot Locker, Inc. is a specialty athletic retailer that as of May 4, 2013 operated 3,321 stores in 23 countries in North AmericaEurope,Australia, and New Zealand. Through its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, and Champs Sports retail stores, as well as its direct-to-customer channels, including footlocker.com, Eastbay and CCS.com, the Company is a leading provider of athletic footwear and apparel.

Original source: http://www.prnewswire.com/news-releases/foot-locker-inc-receives-approval-to-complete-runners-point-group-acquisition-211805601.html