Accent Group (ASX:AX1) is working with London Stock Exchange-listed retailer Frasers Group to launch and operate Sports Direct in Australia and New Zealand, according to a Tuesday filing with the Australian bourse.
The company will launch and operate the Sports Direct business for an initial 25-year term, with plans to roll out at least 50 stores over six years, ultimately aiming for over 100 stores, the filing said.
As part of the deal, Frasers Group agreed to increase its shareholding in the company to about 19.57%, per the filing.
In the same filing, the company said Chief Executive Daniel Agostinelli agreed to remain as CEO for at least another three years.
The company's shares were up 3% in recent Tuesday trade.
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