JD Sports Fashion, the British sports and fashion retail group, has agreed to sell Canterbury of New Zealand, the rugbywear brand, to the Pentland Group at a price of £22.7 million in cash. Conversely, the retailer will buy the One True Saxon fashion brand from Pentland at £50,000. The deal is a transaction between related parties, since Pentland owns nearly 57.5 percent of the JD group. The two companies said the deal would enable Pentland to further build up the Canterbury brand. JD acquired its initial interest in Canterbury in 2009, buying the key trading assets of Canterbury Europe from its administrators, as well as the global rights to the Canterbury and Canterbury of New Zealand brands. The British group later acquired distribution rights in several important markets, particularly New Zealand and Australia.
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