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Nike To Move Its Brand Business In South America To Distributors

February 06, 2020 — 09:22 am EST

Written by RTTNews.com for RTTNews ->

(RTTNews) - NIKE Inc. (NKE) said it is transitioning its Brand business in Brazil, Argentina, Chile and Uruguay to distributors. So it will take a one-time $425 million foreign exchange-related charge in the third quarter.

Grupo Axo will acquire Nike's operations in Argentina, Chile and Uruguay.

Grupo SBF S.A. will become the owner of substantially all of Nike's operations in Brazil.

Grupo Axo and Grupo SBF aim to complete the transactions by mid-2020.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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