By  on March 29, 2010

PARIS— Puma AG has acquired California-based golf equipment brand Cobra Golf, the German activewear giant said Wednesday.

PPR SA-owned Puma purchased 100 percent of Cobra from Acushnet Co., the golfing business arm of Fortune Brands Inc. Terms of the deal were not disclosed.

“Through the acquisition of Cobra Golf, we reinforce Puma’s commitment to our sports performance business by strengthening our growing and successful golf category,” stated Jochen Zeitz, chairman and chief executive officer of Puma.

In February, Puma implied it was not adverse to making acquisitions. The firm has considerable purchasing power given its free cash flow reached 171 million euros, or $238.5 million at average exchange, last year, the second highest level in Puma’s history, according to Zeitz.

The acquisition will enable Puma “to become a better resource to its account base” by showcasing golf equipment next to its existing Puma Golf apparel, footwear and accessories collection, according to the company. Based in Carlsbad, Calif., Cobra Golf was founded in 1973.

The deal is pending regulatory approval and is expected to be given the green light in the second quarter of the year.

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