Accent Group said it is actively discussing with London-based Frasers Group a potential agreement to launch and operate Sports Direct in Australia and New Zealand.
The transaction may also involve Frasers Group increasing its existing 14.57 per cent stake in Accent Group.
“Accent and Frasers have not agreed binding transaction documents, and there can be no certainty that this will occur nor the final structure or terms of such documents,” Accent Group said.
Accent Group’s statement comes after the Australian Financial Review (AFR) reported that the two companies are close to signing a deal that would see Frasers Group’s shareholding increase to 19.99 per cent.
The AFR also said that deal, which may be signed as early as this week, “would see Frasers leverage Accent’s distribution capability to expand its British fitness brand Sports Direct into Australia, where it is current online-only.”