LONDON — Private equity group Permira gave Valentino Fashion Group a vote of confidence Thursday when it agreed to re-purchase a chunk of the company’s debt from Citigroup.
According to industry sources here, Permira and the Marzotto family, which together own VFG, have agreed to pay Citigroup 250 million euros, or $362.5 million at current exchange, for an original debt load worth 730 million euros, or $1.06 billion. The purchase will reduce VFG’s outstanding debts by one-third.
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