Hudson Group has announced that it has concluded an agreement with Frasers Group, the Mike Ashley-controlled retail group best known for its Sports Direct brand, that will see the UK firm become a shareholder in the Malta-headquartered company.

The Master Framework and Shareholders’ Agreement (MSA) sets out the terms upon which, subject to the satisfaction of certain conditions, Frasers Group may first acquire a non-controlling shareholding in Hudson Group.

The agreement also provides for further staggered acquisitions by Frasers Group at future dates, resulting in Frasers Group taking a controlling interest in Hudson Group.

Hudson Group operates the Urban Jungle retail brand in Malta, Europe and North Africa, and represents many major brands like NIKE, Intersport, Ted Baker, Converse, Crocs, Kiabi, and Mango, among others.

The new agreement follows and supersedes a letter of intent signed one year ago, through which the two firms explored the possibility of Frasers Group taking up a shareholding in the Maltese firm, entitling Hudson Group to operate some of the Frasers Group brands locally.