Lotte Group buys AstraZeneca
Lotte has been bought by Astra Zeneca, the world’s largest sports-swear brand, for US$14.5bn.
The deal is expected to close on Wednesday.
Astra is a division of Swiss conglomerate AB InBev, whose brands include Red Bull and Budweiser.
The company’s business is based in the UK, where it operates the popular Red Bull One branding, which was acquired by British retail giant Marks & Spencer in 2015.
The US$2bn deal comes as Lotte’s global brand, including its Astra brand, is struggling to keep pace with the rapid pace of change.
“We are extremely proud of our pioneering work with Lotte, and its leadership in the development of innovative and groundbreaking products,” said the company in a statement.
Lotte bought Astra from AB Inbev for US $13bn in 2013, and the two companies had worked together on several high-profile products, including the AstraZeneca 3, a range of sportswears that were designed for the world of cycling.
“As we enter the second half of the century, our brand and our team will be at the forefront of leading the charge for the future,” Astra said in a release.