US. Private equity firm Capital Partners (CVC) is to purchase all of the outstanding common stock of Samsonite Corporation for US$1.49 per share in an all cash deal.
The deal values Samsonite, one of the world’s largest designers, manufacturers, distributors and marketers of luggage, casual bags, business cases and travel-related products, at approximately US$1.7 billion, including the assumption of debt.
The transaction is expected to close during the fourth quarter of 2007 and is subject to customary closing conditions, including regulatory review in the US and Europe.
Samsonite CEO Marcello Bottoli 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.”
CVC Managing Partner Hardy McLain added: “CVC Capital Partners is delighted to have reached agreement to acquire Samsonite, the world’s leading travel lifestyle brand. We look forward to working with Marcello Bottoli and his team to realise the full potential of the brand. China and India present particularly interesting opportunities for growth.”
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