NEW YORK — Tommy Hilfiger Corp. shareholders voted Tuesday to approve a $1.6 billion merger agreement with funds advised by Apax Partners.
The merger is expected to close today, subject to satisfaction of certain conditions. Under the terms of the agreement, each ordinary share of Hilfiger stock will be converted into the right to receive $16.80 in cash, without interest.
The two Apax funds, Elmira 2 B.V. and Elmira (BVI), are legal entities established by Apax. They were named after the upstate New York city in which Hilfiger was born and are used in Hilfiger’s marketing materials.
David F. Dyer, president and chief executive officer of Hilfiger, is expected to leave the business after the closing and will be succeeded by Fred Gehring, ceo of Tommy Hilfiger Europe. Tommy Hilfiger Corp.’s estimated sales volume is $1.7 billion.
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