| Phillips-Van Heusen sews up Tommy Hilfiger deal |
| News - Financial News |
|
Phillips-Van Heusen announced plans Monday to buy Tommy Hilfiger, which is controlled by private equity firm Apax Partners, for roughly $3 billion in cash and stock.
The combination would create one of the largest apparel makers in the world, with estimated global revenue of $4.6 billion, the companies said in a statement. Phillips-Van Heusen, which owns Calvin Klein and IZOD, said it expects the purchase to boost earnings before it realizes one-time costs and accounting charges related to the deal. Under the terms of the deal, Phillips-Van Heusen, or PVH (PVH), will pay Apex €1.9 billion in cash and €276 million worth of PVH common stock. PVH will assume €100 million in Tommy Hilfiger's debt
|