Sports Authority Inc. a Florida-based retailer, which operates 205 sporting-goods stores in the U.S. including some in Rhode Island, agreed to combine with smaller rival Colorado-based Gart Sports Co. in a merger valued at about $182.6 million.
Sports Authority shareholders will receive 0.37 shares of Gart Sports common stock for each share of Sports Authority that they own, the companies said in a statement.
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The combined company, to be based in Englewood, Colorado, will be known as Sports Authority Inc. The merger will be completed in the third quarter, the companies said. Investors in the companies will each hold about 50 percent of the new company.”There may be a limited number of job cuts” as duplicate positions are eliminated, George Mihalko, chief administrative officer of Sports Authority, said in an interview.
Shares of Sports Authority rose 2 cents to $5.51 in New York Stock Exchange composite trading yesterday. Gart Sports rose 18 cents to $14.94 on the Nasdaq Stock Market.
Bloomberg News
