UK fashion conglomerate Frasers Group intends to submit a mandatory offer for Norwegian sports retailer XXL to acquire the remaining shares it does not own.
The announcement was made public through communications with both the London Stock Exchange and the Oslo Stock Exchange, following Frasers’ acquisition of a controlling interest in XXL ASA.
Go deeper with GlobalData
The group announced to the Oslo Stock Exchange: “Frasers Group intends to make a mandatory offer for the shares of the Company [XXL ASA] not owned by Frasers Group as required by the Norwegian Securities Trading Act.”
The development occurs shortly after Frasers Group retracted a previous bid in February 2025 to purchase additional equity in XXL ASA due to insufficient support from other shareholders.
In December 2024, the group proposed an offer that placed the total valuation of XXL at Nkr246.35m ($22.16m), which translated to Nkr10 per share.
Frasers Group has received an allocation of 21.6 million A-shares in XXL ASA’s fully underwritten rights issue, and 777,289 A-shares as compensation for its guarantee in the rights issue.
Frasers Group will therefore hold 28.8 million A-shares, representing 32.9% of all shares in XXL and 40.8% of the voting A-shares once all shares related to the issuance have been issued.
This increased ownership stake surpasses the one-third threshold stipulated by Norwegian securities law, thereby obligating Frasers Group to extend an offer for the remaining shares.
XXL operates a network of 85 stores across Norway, Sweden and Finland, and an online platform. It employs more than 4,000 people.
The company offers products to sports enthusiasts and those involved in outdoor activities such as biking, hunting and skiing.
In February 2025, Frasers Group entered a ten-year strategic retail partnership with GMG, a conglomerate specialising in well-being and retail, to introduce the Sports Direct brand in the Middle East and North Africa region.
