Phillips-Van Heusen Corp. said Thursday it has completed the acquisition of Tommy Hilfiger BV and certain affiliated companies from funds affiliated with Apax Partners LP.
This story first appeared in the May 7, 2010 issue of WWD. Subscribe Today.
In March, PVH reached an agreement to purchase Hilfiger for $3 billion, plus the assumption of $138 million in liabilities, creating a group with combined revenues of roughly $4.6 billion.
PVH also said it has completed several previously noted activities, including financings, the proceeds of which were used to fund the acquisition or are being used to provide ongoing liquidity for PVH. These activities include:
• Issuance of 5,750,000 shares of PVH common stock on April 28, which includes 750,000 shares sold as part of the underwriters’ overallotment option. The price at which the shares were sold to the public was $66.50 a share.
• Issuance of 8,223,841 shares of PVH common stock to the selling shareholders of Hilfiger, as part of the purchase price for Hilfiger.
• Issuance in private placements of an aggregate of 8,000 shares of PVH Series A convertible preferred stock to affiliates of LNK Partners LP and affiliates of MSD Capital, which are currently convertible into 4,189,360 shares of PVH common stock, for an aggregate purchase price of $200 million.
• Issuance of $600 million of 7.375 percent senior notes due 2020.