A.T. Cross Co. inked a deal to sell its accessories business for $60 million to an affiliate of New York-based private equity firm Clarion Capital Partners.
The accessories division includes Cross writing instruments, pen cases and wallets, watches, cuff links and other items. The transaction, which is still subject to regulatory approval, is expected to close in the third quarter. If the deal can’t close, such as due to the inability to obtain financing, Clarion would be obligated to pay A.T. Cross a $2 million termination fee.
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