Nike (NKE) Gets More PE Interest for Cole Haan; Could See $500M+ in Deal

August 10, 2012 12:44 PM EDT
Nike (NYSE: NKE) is surprisingly low on the session Friday (possibly due to Usain Bolt sporting Puma's in his 200-meter Olympic win), but there a little bit of sunshine for the shoe and athletic clothing giant on this rather cloudy day.

According to Reuters, Nike's Cole Haan unit is seeing some interest from the private equity sector. Bid may come in from such firms as TPG Capital and Apax Partners, among others.

This is the second-round of bids, with expectations of Nike getting $500 million or more for the unit. Bids started earlier in the summer.

In addition to Cole Haan, Nike previously said it was looking to divest its Umbro unit as well.

Nike acquired Cole Haan in 1988 for the cool sum of $80 million, according to data compiled by Reuters, providing CAGR of 8 percent over the last 24 years. Completion of the sales is expected in June 2013.

Shares of Nike are down about 0.5 percent on the session.

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