Canadian Tire Corp. Ltd. has signed a deal to buy Helly Hansen, a maker of sportswear and workwear based in Norway, for $985 million.
Under the deal for the company controlled by the Ontario Teachers' Pension Plan, Canadian Tire also assume $50 million in debt.
The retailer says outdoor and workwear are core products in its stores and it has had a long history with Helly Hansen as one of its largest customers.
Canadian Tire says the deal increases its brand offerings in Canada and its ability to grow its brands internationally.
Helly Hansen CEO Paul Stoneham and the management team, based in Norway, are expected to continue to lead the business.
The deal is expected to close in the third quarter of this year.