(MENAFN - ProactiveInvestors - Australia) Canadian Tire Corp's (TSE:CTC) FGL Sports has agreed to buy private sports retailer Pro Hockey Life Sporting Goods for 85 million.
The transaction follows Canadian Tire's acquisition of FGL Sports in 2011.
Pro Hockey Life has 23 urban, high-end hockey stores operating in five provinces across Canada. It has annual revenue of roughly 95 million.
"No one knows sports in Canada better than our family of Canadian Tire companies," said president of FGL Sports, Michael Medline. "This acquisition is a natural extension of our core authority in sports and hockey and Pro Hockey Life will be an excellent addition to our family of great Canadian companies."
Once the deal is closed, Pro Hockey Life will operate as a banner under FGL Sports, joining brands such as Sport Chek and Sports Experts.
FGL Sports said the deal will provide it with the ability to serve a broader cross section of hockey players of varying ages and skill levels.
The deal, which is expected to close in the early part of next year, still needs certain regulatory approvals, and third party consents.