Fortune hires Morgan Stanley to auction golf unit

By Reuters
Posted Jan. 6 at 7:19 a.m.

Fortune Brands has hired Morgan Stanley to auction its golf division, a sale that may fetch as much as $1.5 billion, Bloomberg reported, citing four people with knowledge of the matter.

Morgan Stanley may approach and Adidas and Nike as well as private equity firms and Asian companies like Sumitomo Rubber, the owner of the Srixon golf-ball brand, the news agency said.

Fortune Brands and Morgan Stanley were not available for comment.

On Dec. 8, Fortune Brands said it was to spin off its golf and home products units amid pressure from activist investor William Ackman.

On Friday, sources told Reuters that several major private equity firms were considering buying Fortune Brands’ home products unit.

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