French luxury goods company Kering has divested a stake of around 5.9% in German sportswear manufacturer Puma for about €655.6 million or €74.50 per Puma share.

The stake was sold via an accelerated bookbuilding process to qualified investors.

The French luxury goods company will use the proceeds of the deal for its general corporate purposes besides further bolstering its financial structure.

Following the transaction, Kering will reduce its stake in Puma to 9.8%.

Kering said that it has entered into a lock-up agreement with French investment company Artémis pertaining to the Puma’s shares. The lock-up is anticipated to end after a period of 90 calendar days from the settlement date of the shares, which will be subject to certain exceptions or waiver by the joint global coordinators.

Settlement of the placement is expected this week, said Kering.

  Artémis, France, Germany, Kering, Puma