MONTRÉAL (BRAIN) — Dorel Industries has completed its sale of Dorel Sports — which includes Cannondale, Schwinn, GT, Mongoose and other bike brands — to Pon Holdings, for $810 million. The planned acquisition was announced in October.
Dorel Industries said the sale will return $390 million to shareholders in the form of a special dividend of $12 per share.
“We are very pleased to have completed the sale of Dorel Sports to a great company like Pon. On behalf of the Board of Directors, I again thank the Dorel Sports team for their commitment to Dorel and their great achievements,” said Martin Schwartz, Dorel Industries' President and CEO.
“We believe that with this sale, Dorel has realized full value for Dorel Sports, for the benefit of Dorel and our shareholders,” Schwartz added.
