Sportswear company Russell Corp is to acquire private apparel and shoe firm Brooks Sports Inc for approximately $115 million in cash.

Russell Corp, which makes the brands Russell Athletic, Jerzees and Spalding, said that it is funding the acquisition through its existing credit line.

The transaction is predicted to close by early January 2005, subject to regulatory approval and other conditions.

Brooks executives will continue to run the company as a wholly-owned subsidiary of Russell, and have said they will keep on the company's 165 employees.