Debt-laden sportswear company Diadora SpA said Wednesday it has signed an agreement with shoe retailer Geox SpA's (GEO.MI) founder and Chairman Mario Moretti Polegato to buy all Diadora's assets through his investment arm Lir.

"Lir's offer has been deemed the most appropriate to follow up the composition with creditors," Diadora Board President Franco Fasolato said in a statement, adding Geox will "ensure the best development of Diadora's assets, together with the preservation of the employment."

Diadora said Lir is in exclusive talks and its offer is the beginning of a final negotiation.

Reports say Diadora has debt totaling EUR70 million.

-By Sofia Celeste, Dow Jones Newswires; +39 06 69766923; sofia.celeste@dowjones.com
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