A group led by Fila Korea Ltd. and a private equity firm has agreed to by Fortune Brands Inc.'s golf business Acushnet Co. for $1.23 billion, Fortune said.
Fortune had been shopping around for a buyer for Acushnet, which makes FootJoy shoes and gloves and Titleist golf balls. It has experienced rapid growth in Asia, last year opening a golf ball plant in Thailand, The Wall Street Journal reported Saturday.
In a statement, Fila Korea Chairman and Chief Executive Officer Gene Yoon said Acushnet has "incredible new opportunity for growth in the emerging markets in Asia."
The deal involves a partnership with investment group Fila Korea and equity firm Mirae Asset Private Equity.
Fila Korea includes the state-owned Korea Development Bank and the National Pension Service.
Acushnet is expected to see few changes. It will keep its Fairhaven, Mass., headquarters and its current management team, the Journal said. Oil rises with call for supply increase