Wolverine will continue to own and operate the Hush Puppies brand throughout the rest of the world. 

"We continue to streamline our organization and become more efficient, so that we can direct greater resources into our growth brands, pay down debt, and enhance long-term shareholder value," said Mike Stornant, Executive Vice President and Chief Financial Officer of Wolverine Worldwide.

The transaction is expected to close in the coming weeks.

The latest deal is a part of the company's brand portfolio transformation, including selling the U.S. Wolverine Leathers business. 

The company also completed the sale of its U.S. Wolverine Leathers business to its long-time customer, New Balance, for approximately $6 million in total proceeds. 

The transactions follow the company's recently completed sale of Keds and the previously announced strategic alternatives process for the Sperry brand.

Price Action: WWW shares traded higher by 4.08% to $8.41 on the last check Friday.