LONDON (ShareCast) - (Sharecast News) - Mike Ashley's Frasers Group is reportedly in advanced talks to buy cycling goods specialist ProBikeKit from THG.

According to Sky News, Frasers is close to buying the stock and intellectual property assets of PBK from online nutrition and beauty retailer THG.

City sources told Sky a deal could be finalised and announced later this week.

The deal will not be material in financial terms for either party, but will come in the wake of THG deciding to close or sell a number of its non-core subsidiaries, Sky said.

PBK was founded in 1998, and was bought by THG in 2013 and absorbed into the then privately owned group's lifestyle division. It sells cycling clothing and accessories produced by more than 100 specialist brands, including Adidas, Raleigh and Michelin.

The acquisition of PBK is expected to be handled through Frasers' Evans Cycles subsidiary, which Frasers bought in 2018.

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