Apax Partners to acquire Tommy Hilfiger for $1.6 bn
24 Dec '05
3 min read
"Bottom line, it was a thorough and fair process," said Mario L. Baeza, Lead Director of Tommy Hilfiger Corporation. Michael Phillips, Partner, Apax Partners Worldwide LLP, said, "Apax Partners has a long track record of successful investments in the retail and consumer sector, and believe the flexibility that will be afforded Tommy Hilfiger Corporation”
The transaction is expected to close in Spring 2006 and is subject to shareholder approval, the successful completion by the Company of cash tender offers/consent solicitations for the Company's outstanding 6.85 percent Notes due 2008 and 9 percent Senior Bonds due 2031, delivery of committed financing as well as customary regulatory and other closing conditions.
J. P. Morgan Securities Inc acted as exclusive financial advisor to Tommy Hilfiger Corporation and rendered a fairness opinion in connection with the transaction. Wachtell, Lipton, Rosen & Katz acted as legal counsel to Tommy Hilfiger Corporation.
Apax Partners is one of the world's leading private equity investment groups, operating across the United States, Europe, Israel and Asia. Apax Partners has raised or advised approximately US $20 billion around the world. With more than 30 years of direct investing experience, Funds advised by Apax Partners provide long-term equity financing to build and strengthen world-class companies.
Fragrance and home furnishings seller Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and women's sportswear, jeanswear and childrenswear.
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