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Nike Agrees to Sell Cole Haan Brand to Apax for $570 Million

Nike Inc., the world’s largest athletic-shoe maker, agreed to sell its Cole Haan fashion brand to private-equity firm Apax Partners for $570 million as it focuses on faster-growing businesses.

The transaction is expected to be completed in early 2013, Beaverton, Oregon-based Nike said today in a statement. Nike said in May that it was seeking to sell Cole Haan and soccer brand Umbro.