Frasers Group has agreed to sell its full stake in Sports Direct Malaysia to MAP Aktif Adiperkasa (MAP Active) for around $150m, subject to completion adjustments.
The UK-based retailer will receive proceeds from the 100% divestment to Indonesia’s MAP Active and will simultaneously enter a long-term agreement giving buyer responsibility for developing and growing the Sports Direct brand in Malaysia.
Frasers Group CEO Michael Murray said: “MAP Active is a valued strategic partner, and this transaction further deepens our relationship as we accelerate Sports Direct’s growth across Southeast Asia.
“Together, we are creating a strong platform to deliver our ambitious growth plans. I look forward to continuing to work with the MAP Active team to unlock further value.”
Frasers Group will continue to draw an income stream from the Malaysian business under the new structure.
The transaction builds on an existing partnership between the two firms spanning Indonesia, the Philippines, Thailand, Vietnam and Cambodia.
Frasers Group said the move is designed to unlock “efficiencies and streamline operations” across its Southeast Asian footprint.
Under the terms of the agreement, the two companies intend to open more than 350 stores across the region over the long term, with a joint ambition of reaching over 600 million consumers with sport and lifestyle brands.
MAP Active's established infrastructure, regional market knowledge and portfolio of distributed brands are expected to underpin the expansion.
Mitra Adiperkasa group CEO V P Sharma added: “Leveraging on our local expertise and regional retail network, we look forward to offering more of Sports Direct's world-class offerings to our customers across the region – and unlocking new opportunities that create long-term value for both companies.”
The deal follows a separate franchise arrangement agreed last month between Marks & Spencer and Mitra Adiperkasa, the parent of MAP Active, covering the Philippines, with the retailer's first store in the market set to open in Glorietta before the end of 2026.
That agreement extended a relationship of more than 20 years between M&S and the Indonesian lifestyle retailer, which already runs the UK chain's franchise operations in Indonesia and Vietnam.
Separately, Accent Group last month rejected an unsolicited takeover approach from Frasers Group, describing the proposed A$0.65 ($0.45) per share offer as “opportunistic” and “materially inadequate”.
