By Jennifer Chiou
New York, July 5 - Samsonite Corp. announced that it has entered into a definitive merger agreement to be acquired by CVC Capital Partners for $1.49 per share in cash in a transaction valued at $1.7 billion, including debt.
The Denver luggage maker said that is board unanimously approved the transaction.
The company added that entities controlled by Ares Management LLC, Bain Capital Partners, LLC and Teachers' Private Capital, the private investment arm of Ontario Teachers' Pension Plan, which collectively own about 85% of Samsonite's common stock, have agreed to provide written consent to approve the transaction.
The transaction is expected to close during the fourth quarter and is subject to customary closing conditions, including regulatory review in the United States and Europe.
CVC noted that it has received certain debt financing commitments from third-party financing sources and, accordingly, closing is not subject to the receipt of financing.
| Acquirer: | CVC Capital Partners
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| Target: | Samsonite Corp.
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| Transaction total: | $1.7 billion
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| Price per share: | $1.49
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| Announcement date: | July 5
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| Targeted close: | Fourth quarter of 2007
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| Stock price for target: | Nasdaq: SAMC; $1.33 on July 3
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