Van Heusen plans to acquire Tommy Hilfiger
Phillips-Van Heusen agreed to buy apparel maker Tommy Hilfiger from private-equity firm Apax Partners LP for 2.2 billion euros ($3 billion), adding the namesake brand to its Calvin Klein and Izod clot
March 17, 2010 | comments ( 0 ) |
Phillips-Van Heusen agreed to buy apparel maker Tommy Hilfiger from private-equity firm Apax Partners LP for 2.2 billion euros ($3 billion), adding the namesake brand to its Calvin Klein and Izod clothing lines.
Apax will get 1.92 billion euros in cash and 276 million euros worth of Phillips-Van Heusen common stock, New York-based Phillips-Van Heusen said in a statement on Monday. Apax bought Hilfiger in 2006 for about $1.6 billion and delisted the company same year.
The purchase will boost sales of Phillips-Van Heusen, which also owns the 159-year-old shirt maker Arrow, to $4.6 billion, the statement said. Phillips-Van Heusen is seeking brands that can grow globally and boost profitability.
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