South Korean sporting goods retailer Fila is set to buy Fortune Brands Inc's (NYSE:FO) Acushnet golf business for about $1.2 billion, a source familiar with the matter told Reuters on Friday.
Fortune Brands announced plans late last year to sell or spin off its golf business, which makes Titleist golf equipment, and spin off its home products business, which makes Simonton windows and Moen faucets, amid pressure from activist investor William Ackman.
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The two companies could not be reached for comment. The source was not authorized to talk about the deal since it was not public yet.