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Nov 15 2007 5:04PM EST

Nike Has Deal to Sell Starter Brand for $60 Million

Nike has reached an agreement to sell its
Starter brand to New York-based Iconix Brand Group for $60 million in cash, and Nike expects the deal to be completed in December, according to the Sports Business Daily.

Nike acquired Starter in 2004 for $43 million but decided to sell it following a review of its Exeter Brands Group subsidiary, of which Starter is the focal business.

Nike said i has chosen to divest Starter because of the brand's growth potential in relation to Nike's other brands, including Converse, Nike Golf, Cole Haan and Hurley.

Nike also is planning to explore a sale of its Nike Bauer Hockey unit. Hall of Famers Wayne Gretzky and Mario Lemieux are reportedly interested in acquiring the hockey arm from Nike.



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