Puma stock soars after Antasport buys it for $1.8 billion

shares of puma Shares soared on Tuesday after China’s Anta Sports announced it would acquire a 29% stake from France’s billionaire Pinault family, as the German sportswear company seeks to turn around amid slumping sales and brand momentum.

Anta will pay Artemis, the holding company of the Pinault family, 1.5 billion euros ($1.78 billion) in cash, or 35 euros per share, for a 29.06% stake in Puma.

The deal would make it Anta Puma’s largest shareholder, but Anta said it had “currently no plans” to make a takeover offer, which would require a 30% ownership interest under German securities law.

Puma shares rose as much as 20% in early trading, but have since pared their gains. The stock last traded 9.4% higher at 23.7 euros, but remains close to a 10-year low.

The deal, which is expected to close by the end of the year and is subject to regulatory approval, comes as Puma has struggled to revive sales and implement a business transformation since former Adidas executive Arthur Holdo took over as president last year.

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Anta has a track record of expanding its global footprint by acquiring and renovating Western sports and lifestyle brands. In 2019, he led a consortium to acquire Amer Sports, whose portfolio includes Wilson, Arc’teryx, Salomon and Atomic. Metzeler analyst Felix Denle said the deal with Puma further supports Anta’s global expansion and multi-brand growth strategy, adding that the market is likely to see the investment as supporting Puma’s ongoing turnaround efforts.

Mr. Holdo’s turnaround plan has so far included job cuts, narrowing the product range and improving marketing operations, with the company calling 2025 its “year of reset.”

Melinda Hu, China consumer analyst at Bernstein, said the valuation of 1.5 billion euros seemed “reasonable” compared to its peers in the sportswear sector, especially considering Puma’s current “loss-making position.”

“Anta basically buys brands with deep traditions and historically strong products at distressed ratings,” Hu added.

The deal builds on Anta’s efforts to expand its footprint outside of China. nike and adidas. Hu said that by leveraging Puma’s heritage, Anta could diversify into new product categories and markets in which it has not previously established a strong foothold.

“Puma fills the gap between mass-market athletic shoes and sports lifestyles, a segment that sits between Nike, Adidas and lower-priced brands,” said Julia Zhu, partner and head of consumer retail at consulting firm CIC.

Puma is strong in Europe and Latin America but weak in China and North America, so “we will minimize overlap and maximize synergy potential,” Zhu added.

Puma’s stock came under heavy pressure last year, falling nearly 50% as U.S. President Donald Trump’s tariff policies spooked investors and retailers grew nervous that tariffs could hurt consumer demand, according to LSEG data. As of Tuesday’s trading open, Puma stock had fallen more than 3% since the beginning of the year.

“This is not an acquisition as Anta does not have full control and Puma remains an independent company with its own management team,” Hu said. Reuters reported on Tuesday that Anta’s management said it would speak to Puma representatives “first thing this morning.”

Analysts at UBS said the deal could raise questions for rival Adidas, especially in European and Asian markets, as many investors see Anta as a strong operator that could increase competitive pressure. Adidas stock fell 0.7% in mid-morning trading.

The deal is also expected to support Artemis’ balance sheet, a recurring concern for both Gucci owner Kering and Puma shareholders, of which Artemis is a major shareholder, UBS said. “We therefore note that from a sentiment perspective, this could also be seen as marginally positive for Kering, giving the new CEO space to focus on the group’s long-term strategy despite the parent company’s balance sheet problems.”

Kering shares rose slightly in early morning trading, but ended the day flat.

Anta and Puma’s agreement also comes as global companies increasingly reassess their risks and returns in the face of technology disruption, heightened geopolitical uncertainty and industry consolidation.

“Companies will take bolder actions to double down on some parts of their global footprint and minimize the impact on disadvantaged parts,” according to a study released Tuesday by Bain & Company. More than half of the companies surveyed are preparing to sell assets in the next few years, with a desire to increase focus on their operations, free up cash and take advantage of higher valuations in today’s markets, Bain said.

Global trading activity has picked up again since last year, with trade value increasing 40% to $4.9 trillion, the second highest ever, according to Bain.

The consultancy expects global deal-making momentum to continue in 2026 due to easing geopolitical tensions and deepening capital pools, as private equity and venture capital firms seek to wean themselves off a growing pile of outstanding assets.

Meanwhile, companies “urgently need to reinvent themselves to escape the powerful forces of technological disruption, the post-global economy, and changing profit pools,” said Suzanne Kumar, executive vice president of Bain’s global M&A and divestiture practice.