Chadbourne & Parke represented Fortune Brands, Inc. in the $1.225 billion sale of its Acushnet Company subsidiary, which manufactures and distributes Titleist golf balls and clubs and FootJoy golf shoes and gloves. The sale, announced on May 20, was to Fila Korea Ltd., the owner of the Fila sporting goods brand globally, and Mirae Asset Private Equity, the largest private equity firm in Korea.

The purchase price is $1.225 billion in cash. Fortune Brands estimated it will realize net proceeds of approximately $1.1 billion after taxes and expenses.

Acushnet is the leading and most profitable golf equipment company in the world. Titleist is the #1 ball in golf and a leader in high-performance golf clubs. FootJoy is the #1 shoe and glove in golf and a leader in performance outerwear. Net sales exceeded $1.2 billion in 2010, with nearly half of revenues generated in markets outside the United States. The purchasing group led by Fila Korea and Mirae also includes the National Pension Service of Korea, the fourth largest pension fund in the world, and Korea Development Bank, Korea’s largest government-owned bank.

Fortune Brands initiated a sale process for Acushnet after announcing in December that it proposed to separate its businesses following a strategic review process conducted by the board of directors and management. The sale is subject to certain closing conditions, including regulatory approvals. The transaction is expected to close this summer.

Working on the deal for Chadbourne were partners Edward Smith, Charles Hord, Scott Berson and William Cavanagh, counsel Charles Fish and Sue Cowell, and associates Ted Castell, Kessar Nashat, Alison Kronstadt, Nicholas Scannavino, Tae Sang Yoo, Christopher Bugel, Joseph Ramadei, Soo-ah Nah, Garrett Lynam, Erez Tucner, Rachel Kurth, Megan Strand and Yan Kuznetsov.