FountainVest seeks $1.32 billion in Arc'teryx maker share sale
Affiliates of FountainVest Partners are offering 35 million shares of Amer for $37.20 to $37.73 each, according to terms of the deal seen by Bloomberg News. The buyout firm was part of a consortium that acquired Amer for $5.2 billion in a deal completed in 2019.
Shares of Amer, which also makes Wilson tennis rackets and Salomon, fell 0.9% to $37.40 each in after-market trading on Wednesday. They have nearly tripled since the company's $1.6 billion initial public offering last year.
FountainVest had 69.1 million Amer shares, or 12.5% of the company, prior to the sale, according to Bloomberg calculations. The deal would reduce its stake to about 6.2%, the calculations show. The firm is bound by a lock-up agreement preventing further sales of Amer stock for 60 days, according to the terms.
The original consortium also included China's Anta Sports Products Ltd., billionaire Lululemon Athletica Inc. founder Chip Wilson and tech giant Tencent Holdings Ltd.
Goldman Sachs Group Inc. and Bank of America Corp. are leading the deal, an earlier statement shows. The share sale is expected to price later on Wednesday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Euronews
7 hours ago
- Euronews
Trump reverses course on Intel CEO amid US-China chip showdown
US President Donald Trump pivoted from calling for Intel CEO Lip-Bu Tan's resignation to hosting him at the White House, turning a public rebuke over China ties into an opportunity to pull one of America's most prominent tech leaders into his orbit. Once the undisputed leader in microchip production, Intel stumbled in recent years and lost ground to Asian rivals, facing delays in advanced manufacturing. Trump confirmed the meeting via a post on Truth Social, calling the meeting a "very interesting one". Intel also confirmed that the meeting took place in a statement published on Tuesday. "Mr. Tan had the honour of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening US technology and manufacturing leadership," said the firm. "[We] look forward to working closely with him and his administration as we restore this great American company." As of 13.00 CEST, Intel shares were up 2.9% in pre-market trading on Tuesday, after jumping roughly 3.5% on Monday. Falling behind rivals For decades, Intel set the pace for microprocessor innovation — especially for PCs — but in the late 2010s, it fell behind Taiwan's TSMC and South Korea's Samsung in manufacturing cutting-edge chips. Repeated delays in rolling out its 10-nanometer and 7-nanometer processors damaged its reputation and eroded customer trust. Intel is also caught in the ongoing US–China tech rivalry, with Washington pushing it to build domestic capacity while restricting Chinese access to advanced chips. The perceived China ties of CEO Lip-Bu Tan due to his venture capital background led to an initially frosty reception from Trump. Ties to China Trump called for Tan's resignation last week after US Senator Tom Cotton wrote to Intel's board, raising concerns over what he described as 'Tan's investments and ties to semiconductor firms reportedly linked to the Chinese Communist Party and the People's Liberation Army". Tan previously led Cadence Design Systems, from 2009 until 2021, which in July reached a plea deal with the government over allegations of illegal exports to China. Cadence said it it violated export controls rules to sell hardware and software to China's National University of Defense Technology, which is linked to the Chinese military. Lip-Bu Tan is a Malaysian-born US citizen who founded the Silicon Valley–based firm Walden International in 1987 and has invested heavily in semiconductor start-ups across Asia, including extensive involvement in China. Through these investments, he became a seed investor in SMIC, China's largest chip foundry, joining its board from 2001 to 2018. SMIC later came under US sanctions for its close ties to the Chinese military. When President Trump publicly demanded Tan's resignation last week due to his alleged ties with Chinese firms, Intel shares dropped more than 3% during intra‑day trading.
LeMonde
3 days ago
- LeMonde
Kenya, a final destination for fast fashion, is overwhelmed by secondhand clothing
As dawn begins to color the horizon, the comings and goings of heavy trucks from the port of Mombasa are already nonstop at the gates of the Gikomba market in Nairobi. As soon as the trucks park, porters rush to unload them. They place huge bundles of secondhand clothing – mitumba in Swahili – each weighing several dozen kilos, on their heads, then disappear into the maze of tin roofs covering this 5-hectare labyrinth, where thousands of stalls stretch as far as the eye can see. This market, a haven of resourcefulness and bargaining, was born in the mid-20 th century, at a time when railway workers from a nearby neighborhood would come to buy household goods and used clothing from Asian shopkeepers. As the site grew, the government decided in 1952 to designate its boundaries and cover it. Over the years, Gikomba has transformed into a temple of secondhand textiles, the largest in East Africa. Open from morning to night, it attracts both Kenyans looking for affordable clothing and tourists on the hunt for vintage finds. In this chaos – far more organized than it might appear – everything has its place: pants here, shoes and dresses there and lingerie further along. Nearly 500 containers from around the world arrive in Kenya each month via the port of Mombasa. This gateway into East Africa provides access not only to this country of 55 million people, but also to its neighbors, including Uganda and Tanzania, thus orchestrating a unique business. The principle is simple: specialized companies buy huge batches from Western companies that collect used clothing donated to charities or discarded by consumers. It is then up to Kenyans to sort through the items, separating those of value – saleable or usable – from the worthless rest.
Euronews
4 days ago
- Euronews
Intel's stock tumbles after President Trump says its CEO must resign
Intel shares slumped on Thursday after President Donald Trump said in a social media post that the chipmaker's CEO needed to resign. 'The CEO of Intel is highly conflicted and must resign, immediately,' Trump posted on Truth Social. 'There is no other solution to this problem. Thank you for your attention to this problem!' Trump made the post after Senator Tom Cotton sent a letter to Intel Chairman Frank Yeary, expressing concern over CEO Lip-Bu Tan's investments and ties to semiconductor firms that are reportedly linked to the Chinese Communist Party and the People's Liberation Army. Cotton asked the board whether Tan had divested his interests in these companies to eliminate any conflicts of interest. It's not immediately clear if Tan, who took over as Intel's CEO in March, has done so. In a statement, Intel said it was 'deeply committed to advancing US national and economic security interests". The firm said it was making "significant investments aligned with the President's America First agenda". Cotton's allegations 'In March 2025, Intel appointed Lip-Bu Tan as its new CEO," Cotton wrote in the letter. "Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People's Liberation Army.' Cotton specifically called out Tan's recent leadership of Cadence Design Systems in the letter. According to the US Department of Justice, Cadence, agreed in July to plead guilty to resolve charges that it violated export controls rules to sell hardware and software to China's National University of Defense Technology, which is linked to the Chinese military. Tan was the CEO of Cadence when the company violated the rules between 2015 and 2021. The US Department of Commerce's Bureau of Industry and Security also fined Cadence $95 million for the same breaches, saying Cadence admitted that 'employees of its Chinese subsidiary knowingly transferred sensitive US technology to entities that develop supercomputers in support of China's military modernisation and nuclear weapons programs.' Cadence did not immediately respond to AP requests. The digital race Tan previously launched the venture capital firm Walden International in 1987 to focus on funding tech start-ups, including chip makers. China's state media has described Tan as 'actively' devoted to Chinese and Asian markets, having invested not only in the Taiwan Semiconductor Manufacturing Company, but also China's state-owned enterprise SMIC, which seeks to advance China's chipmaking capabilities. The demands made by Trump and Cotton come as economic and political rivalries between the US and China increasingly focus on the competition over chips, AI and other digital technologies that experts say will shape future economies and military conflicts. Cotton, the chairman of the Senate Intelligence Committee, has raised concerns that Chinese spies could be working at tech companies and defence contractors, using their positions to steal secrets or plant digital backdoors that give China access to classified systems and networks. On Thursday the Arkansas Republican wrote to the Department of Defense, urging Defense Secretary Pete Hegseth to ban all non-US citizens from jobs allowing them to access DoD networks. He has also demanded an investigation into Chinese citizens working for defence contractors. 'The US government recognises that China's cyber capabilities pose one of the most aggressive and dangerous threats to the United States, as evidenced by infiltration of our critical infrastructure, telecommunications networks, and supply chains,' Cotton wrote in an earlier letter, calling on the Pentagon to conduct the investigation. National security officials have linked China's government to hacking campaigns targeting prominent Americans and critical US systems. 'US companies who receive government grants should be responsible stewards of taxpayer dollars and adhere to strict security regulations,' Cotton wrote on the social platform X. Playing catch-up Intel had been a beneficiary of the Biden administration's CHIPS Act, receiving more than $8 billion (€6.9bn) in federal funding to build computer chip plants around the country. Shares of the California company slid 3.5%, while markets, particularly the tech-heavy Nasdaq, gained ground. Founded in 1968 at the start of the PC revolution, Intel missed the technological shift to mobile computing triggered by Apple's 2007 release of the iPhone, and it has lagged behind more nimble chipmakers. Intel's troubles have been magnified since the advent of artificial intelligence — a booming field where the chips made by once-smaller rival Nvidia have become tech's hottest commodity. Intel is shedding thousands of workers and cutting expenses, including some domestic semiconductor manufacturing capabilities, as Tan tries to revive the fortunes of the struggling chipmaker.
