Weider Nutrition International Inc. said Friday it has agreed to acquire Haleko, the largest sports nutrition company in Europe, in a deal that could total more than $50 million.

Salt Lake-based Weider will pay $25 million in cash and 200,000 shares of Weider stock, which would total $3.4 million at Thursday's closing price of $17 per share. There is also an $8 million payment contingent on future financial performance.Also, Weider will assume $16 million of Haleko's long-term debt, and it is expected that Weider will incur $5 million in capital costs in making the acquisition.

Haleko is based in Hamburg, Germany. Its revenues for the 12 months ending May 31 totaled $65 million. Weider said it would combine Haleko with its European subsidiary, Weider Nutrition Group Ltd., based in the United Kingdon.

The deal is expected to close next month, subject to regulatory approvals.

Haleko sells powder, capsule and tablet supplements in 20,000 retail outlets in Europe. Its brands include Multipower, Multaben, and Champ. It also markets sportswear in European health clubs under the brand name Venice Beach.

"The core of our long-term strategy is to be a leading worldwide marketer and manufacturer of nutritional supplements," said Richard Bizzaro, chief executive officer of Weider.

"The European population of 350 million has similar demographics to the United States and an increasing health consciousness. We expect the acquisition of Haleko to position Weider as the leading nutritional supplements company in Europe."

Over the past 52 weeks, Weider's shares have traded on the New York Stock Exchange in a range of $10.371/2 to $19.75.