Samsonite which makes casual bags, business cases and related travel products for notebook PCs and CE devices as well as own brands such as Timberland and Lacoste has been purchased by CVC Capital Partners, a leading global private equity firm.
The all-cash transaction is valued at about $1.7 billion, including the assumption of debt. Under the terms of the agreement, funds managed by CVC will acquire all of the outstanding common stock of Samsonite for $1.49 per share in cash.<\/P>
The transaction was unanimously approved by Samsonite’s board.<\/P>
Entities controlled by Ares Management, Bain Capital Partners and Teachers’ Private Capital, who collectively own approximately 85 percent of Samsonite’s common stock, have agreed to approve the transaction and have entered into a written consent and voting agreement with CVC.<\/P>
The transaction is expected to close during the fourth quarter and is subject to closing conditions and regulatory review.<\/P>
Marcello Bottoli, Samsonite’s CEO, said: “We believe that this transaction delivers excellent value to all our shareholders. I am excited to continue our successful journey to create the world’s leading travel lifestyle brand together with CVC Capital Partners.”
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Samsonite which makes casual bags, business cases and related travel products for notebook PCs and CE devices as well as own brands such as Timberland and Lacoste has been purchased by CVC Capital Partners, a leading global private equity firm.<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,179],"tags":[],"class_list":["post-83159","post","type-post","status-publish","format-gallery","hentry","category-archive","category-retail","post_format-post-format-gallery"],"yoast_head":"\n