Nike INC. to buy Umbro

Nike Inc. has reached an all cash agreement with Umbro plc, a leading United Kingdom-based global football (soccer) brand with more than 70 years of experience in the world's No. 1 sport and the world's biggest football market.

"Umbro is a brand with a powerful heritage and deep experience in the world's most popular sport and the world's biggest football market," said Nike, Inc. President and CEO Mark Parker.

The acquisition will significantly expand Nike's global leadership in football, a key growth category for the company. Since the early 1990s, Nike has grown its football revenues from about $40 million to approximately $1.5 billion and established brand leadership in the sport.