A consortium led by China's Anta Sports Products Ltd, China's largest sportswear company, has bought Finnish firm Amer Sports and acquired leading ski brands Salomon and Atomic as Beijing looks forward to hosting the Winter Olympic and Paralympic Games in 2022.
The consortium, named Mascot Bidco Oy and which also includes internet giant Tencent, paid €4.6 billion (£3.9 billion/$5.2 billion) for the company.
Amer Sports said in a statement that the offer, announced in September and launched in December, had been successful with some 94 per cent of its shares sold to the group.
Asian investment fund FountainVest Partners and Anamered Investments run by Canadian businessman Chip Wilson were also part of the consortium.
Anta Sports signed a deal in September 2017 to become an official sponsor of Beijing 2022, becoming the fourth domestic sponsor of the Games.
Anta Sports, estimated to be worth $12.5 billion (£9.5 billion/€11.1 billion) and which sponsored China's team at the 2016 and 2018 Olympic Games in Rio de Janeiro and Pyeognchang, has been stepping up efforts to acquire foreign brands.
Amer Sports, ranked among the world's largest sports firms, was founded in 1950 and was originally a tobacco company before diversifying at the start of the 21st century.
Competitors wearing Atomic skis, a subsidiary of Amer Sports, were the most successful at last month's International Ski Federation Alpine World Ski Championships in Åre in Sweden.
They won a total of three gold medals, three silver and three bronze.
Skiers wearing Atomic included the United States' Mikaela Shiffrin, winner of the super G and slalom for a record fourth time.
Other iconic brands owned by Amer include Wilson Sporting Goods, an American company most associated with tennis but which also has close links with American football and baseball.
Anta Sports was founded in 1994 and has its headquarters in Jinjiang.
In 2009, Anta acquired Italian sportswear Fila's China operations.
It now has 600 Fila retail stores in China and 7,000 Anta retail stores.
Former Minnesota Timberwolves forward Kevin Garnett left his former shoe sponsor Adidas and has been sponsored by Anta since August 2010.