Nike seals Umbro deal

Firm to expand presence in football sector after deal worth £285 million.
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Following intense speculation, Umbro has this morning confirmed it will be bought out by Nike in a deal worth £285 million.

Nike is planning to use the deal to increase its presence within the football sector, which it has earmarked as a key growth category. Umbro provides the kit for the England team, as well as six Premier League clubs. In the Scottish Premier League, Umbro supplies kit to Rangers and Hearts.

Under the terms of the offer, Umbro shareholders will receive 193.06 pence for each share.

"We will be a stronger and better business as part of Nike and this deal will allow us to accelerate our existing growth strategy by leveraging Nike's global resources and expertise," said Steve Makin, Umbro's chief executive.

Brian Barwick, the chief executive of the FA, added: "Nike has provided firm assurances that the FA relationship with Umbro will be protected and enhanced, and we look forward to working closely with both companies moving forward."

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