3 August 20215 minute read

DLA Piper advises Foot Locker in US$360 million acquisition of atmos

DLA Piper represented Foot Locker, Inc. (NYSE: FL) in its recent agreement to acquire Text Trading Company, K.K., which owns and licenses the atmos brand, a digitally led, premium global retailer headquartered in Japan, for US$360 million, with additional purchase price consideration based on performance targets. The agreement was executed on July 31, and the closing is anticipated within 60-90 days.

The acquisition of atmos, a culturally connected brand featuring premium sneakers and apparel, an exclusive in-house label, collaborative relationships with leading vendors in the sneaker ecosystem, experiential stores and a robust omni-channel platform, will accelerate Foot Locker's global reach with a highly strategic foothold in Japan.

“We were pleased to advise Foot Locker on this transaction, bringing together a strong cross-border team with extensive M&A and retail industry experience to ensure a successful result. This acquisition will support our client’s robust growth strategy in the growing Asia-Pacific market and expand on its impressive brand portfolio, and we look forward to Foot Locker’s continued success,” said Erik Wulff, the DLA Piper partner who led the firm’s deal team.

“The DLA Piper team demonstrated a high level of dedication, professionalism and transactional knowledge at every step of this acquisition, and their support was essential to navigating the many complexities of a large cross-border deal,” said Randy Brodwin, associate general counsel at Foot Locker. “We are grateful for their efforts and look forward to continuing to work together.”

In addition to Wulff (Washington, DC), the DLA Piper team advising Foot Locker included partner Jay Finkelstein (Washington, DC), associate Kristen Bandura (Washington, DC) and partner David Kramer (Washington, DC) in the US; partners Lance Miller and Lawrence Carter and associates Tomoko Muneyuki, Edward Mears and Morita Takanobu in Tokyo; partner Anderson Lam in Hong Kong; partner Samata Masagee in Bangkok; and senior associate Wincen Santoso in Singapore.

With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 11 consecutive years, according to Mergermarket.

The firm's Consumer Goods, Food and Retail sector is recognized for advising many of the world’s leading organizations in the following industries: retail and fashion; food and beverage; grocery; healthcare, beauty and personal care; household care products; and investors and funders. The attorney sector team consists of over 300 lawyers in North America with experience in diverse, highly relevant areas of practice who provide creative solutions and strategic advice to clients in the consumer goods, food and retail industry. DLA Piper’s extensive industry experience, sharp understanding of developing trends and global market presence ensures its ability to provide high-quality, seamless service while addressing consumer goods, food and retail clients’ legal and business needs.