Artemis Sells Controlling Puma Stake to Anta for 1.8 Billion Dollars While Securing Price Protection Clause
Artemis sold its 29 percent stake in Puma to Anta for 1.8 billion dollars. The deal includes a 15 month price guarantee if a higher offer emerges later.
洞察:
Artemis, the Pinault family investment vehicle, has completed the sale of its 29 percent controlling stake in PUMA SE to Anta Sports Products Limited . The transaction, which was finalized in Paris in early January, involved a cash consideration of 35 euros per share, totaling approximately 1.8 billion dollars. This major ownership shift comes after PUMA SEsaw its stock price struggle throughout much of 2025, trading around 22 euros per share, which was less than half of its valuation from two years prior according to LSEG data.
The agreement reached between Artemis and Anta Sports Products Limitedincludes a significant price-guarantee clause detailed in Hong Kong 
HKStock Exchange filings. This anti-embarrassment provision obliges the Chinese 
CNfirm to pay Artemis an additional amount, calculated under a formula, if anyone makes a bid to buy more PUMA SEshares or takes the company private within 15 months of the deal closing. While the deal was eventually struck at 35 euros per share, Artemis at one point sought more than 40 euros per share for the stake before accepting the lower offer, which initially received a cool reception.
HKStock Exchange filings. This anti-embarrassment provision obliges the Chinese CNfirm to pay Artemis an additional amount, calculated under a formula, if anyone makes a bid to buy more PUMA SEshares or takes the company private within 15 months of the deal closing. While the deal was eventually struck at 35 euros per share, Artemis at one point sought more than 40 euros per share for the stake before accepting the lower offer, which initially received a cool reception.
