21 May 2011

Golf business sold for $US1.2 billion

11:01 am on 21 May 2011

Fortune Brands has sold its golf business to Korean investors led by Fila Korea, for $US1.2 billion.

The BBC reports the deal is part of a strategy by Fortune to focus purely on its drinks business.

The price for the Acushnet golf unit, which had operating income of $US80 million last year, is higher than had been expected.

Fila Korea says it plans rapid growth for the golf line in Asia.

Mirae Asset Private Equity - Korea's largest private equity fund - was also involved in the acquisition.