The project for the sale will now be presented to relevant employee representative bodies, with the completion of the transaction and transfer of ownership expected to take place during Q2 of 2019.
The intended divestment of Mavic follows as a result of a strategic review process of the cycling business conducted by Amer in September last year. The company reported its cyclign business as discontinued operations in its 2018 full year report.
Amer Sports itself is in the process of undergoing a change in ownership, with a consortium known as Mascot Bidco Oy announcing it has received all required authority approvals for its voluntary public recommended cash tender offer for all the shares in the company last month.
Heikki Takala, President and CEO of Amer Sports, said: “As part of our strategy we continue to focus the Group portfolio and capabilities towards areas of faster growth, better profitability, and scalability. Over the past cycle we have concluded that we are not the best owner for Mavic which only represented approximately 3% of our sales and which has distinct business drivers and little synergies vs. the broader group.
“We believe that the iconic Mavic brand has strong potential, which would be better realised as part of Regent. Amer Sports continues to capitalise on its strategic priorities, especially Softgoods, Direct to Consumer, China and United States.”
Regent, the potential new owner of Mavic, is a company focused on innovating and transforming businesses across a range of industries, including technology, consumer products, retail, industrial, and media and entertainment.