Sports Direct looks to acquire Heatons' owner

Sports Direct International is looking to takeover Warrnambool, the holding company of retail business Heatons.

The FTSE 100 company announced on Wednesday it had entered into a sale and purchase agreement with minor shareholder Sandra Minor, as well as a conditional put and call option agreement over any remaining shares owned by a number of shareholders.

The UK-based sports retailer already owns a 50% stake in Warrnambool and will purchase the remaining 50% for €47.5m.

Sports Direct chief executive Dave Forsey said he looks forward to "accelerating investment into the existing store portfolio and strengthening the Heatons and Sports Direct brands across Ireland."