San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
Samsonite has been purchased by CVC Capital Partners, a leading global private equity firm.
The all-cash transaction is valued at about $1.7 billion, including the assumption of debt.
Samsonite, best known for its luggage lines, is also a supplier of casual bags, business cases and related travel products for notebook PCs and CE devices. Samsonite's brands include Lambertson Truex, American Tourister, Lacoste and Timberland.
Under the terms of the agreement, funds managed by CVC will acquire all of the outstanding common stock of Samsonite for $1.49 per share in cash.
Entities controlled by Ares Management, Bain Capital Partners and Teachers' Private Capital, who collectively own approximately 85 percent of Samsonite's common stock, have agreed to approve the transaction and have entered into a written consent and voting agreement with CVC. The deal is expected to close during the fourth quarter.