November 28, 2012 / 2:49 PM / 6 years ago

Canadian Tire to buy hockey gear retailer

(Reuters) - Diversified retailer Canadian Tire Corp Ltd (CTCa.TO) said on Wednesday it agreed to buy closely held hockey retailer Pro Hockey Life Sporting Goods Inc for C$85 million ($85 million) to expand its stand-alone sporting goods businesses.

Pro Hockey Life has 23 stores in five Canadian provinces, and annual revenue of about C$95 million, Canadian Tire said.

The deal follows last year’s acquisition of Forzani Group Ltd, now FGL Sports. Pro Hockey Life will join the FGL unit alongside its existing banners, which include Sport Chek and Atmosphere.

The company has long offered sporting goods such as bicycles and skates alongside house wares and automotive products at its namesake Canadian Tire stores.

Canadian Tire said the transaction is subject to regulatory approvals, and expected to close in early 2013.

Reporting by Allison Martell; Editing by Jeffrey Benkoe

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