Kontoor Brands (KTB) said Wednesday it has agreed to acquire Helly Hansen, a global outdoor and workwear brand, from Canadian Tire Corporation, expanding its portfolio, driving growth and creating long-term value for shareholders.

The company said the transaction, expected to close in fiscal Q2, would be financed through a mix of cash on hand and new debt.

The acquisition is expected to deliver strong financial returns, significant earnings, and cash flow accretion, excluding synergies.

The financial terms of the deal were not disclosed.

Shares of Kontoor Brands fell 1% in recent premarket trading.

Price: 84.67, Change: -1.07, Percent Change: -1.25