Japanese sporting goods firm Asics Corporation has agreed to buy Swedish outdoor clothing and equipment brand Haglöfs for SEK1bn (US$133m).

Under the deal, private equity firm Ratos will sell all of its shares in Haglöfs to Asics subject to clearance from the relevant competition authorities.

"We've had a very successful partnership with Ratos for nine years and we are enthusiastic about our new partner," said Mats Hedblom, CEO of Haglöfs. "Joining Asics enables Haglöfs to become a true worldwide leading outdoor brand."

The deal would make Haglöfs a wholly-owned Asics subsidiary, and is expected to be finalised during the third quarter of 2010.

"The business rationale is clear," Hedblom added. "Asics has been searching for the best outdoor company to complement their core business and Haglöfs has foreseen a need to find a partner with the knowledge and capacity to assist the company in a global expansion."

Haglöfs sells goods including backpacks, sleeping bags, clothes and footwear in 18 countries - including Japan.

The company has 120 employees and its head office is in Avesta, Sweden.