TaylorMade-adidas Golf Co. is to acquire the Ashworth Inc. golf apparel brand to bolster its presence in the apparel market - a deal believed to cost around £35million.
"We are excited to bring Ashworth alongside our industry-leading TaylorMade and adidas Golf brands," said Mark King, president and CEO of TaylorMade-adidas Golf. "Our mission is to be the best performance golf company in the world and adding Ashworth is another important step in achieving that goal."
Ashworth also has a licensing agreement with Callaway Golf through 2010, which will be protected through the take-over.
The adidas Group plans to finance the Ashworth acquisition with cash on hand or through existing credit lines. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter 2008.