- Wolverine World Wide Inc WWW subsidiary, Keds LLC, has sold Champion trademarks for footwear in the U.S. and Canada to its longtime licensee, HanesBrands Inc HBI, for $90 million in cash.
- Under the agreement, Wolverine Worldwide will retain a perpetual license to continue using the Champion trademark on certain footwear, including the Keds Champion sneaker.
- The transaction also successfully resolves outstanding litigation between the parties.
- "This transaction represents a unique opportunity to simplify our business model while at the same time securing a significant amount of cash at a meaningful multiple of future expected royalty streams," said CEO Brendan Hoffman.
- Wolverine held $149.6 million in cash and equivalents as of April 2, 2022. HanesBrands held $369.2 million in cash and equivalents.
- Price Action: WWW shares closed lower by 1.13% at $20.16 on Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.