By Sabela Ojea

 

Lululemon Athletica is joining the S&P 500 index as it becomes one of the largest publicly traded companies in the U.S. with a market capitalization of $49 billion.

The company's addition to the S&P 500 will become effective on October 18.

The maker of workout gear will replace Activision Blizzard, acquired by Microsoft in a transaction completed on Friday, the S&P Dow Jones Indices said. The $75 billion merger just won the backing of U.K. competition authorities after the companies spent more than a year and a half trying to convince regulators to approve the deal.

Lululemon's sales and stock price have recently surged even as inflation-weary shoppers have cut back on purchases of clothing and other products in favor of travel and experiences.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

October 13, 2023 18:17 ET (22:17 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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