Kate Spade Coach 2.4 billion – CWEB.com
Coach will spend US$2.4 billion for Kate Spade, tying together two premier brands in the luxury goods sector that have fought to snare younger shoppers.
M&A rumors had already stirring at the time, with reports surfacing that in addition to Kate Spade, Coach was considering an acquisition of luxury shoe manufacturer Jimmy Choo.
Coach just officially announced that it is acquiring Kate Spade for $2.4 billion, or $18.50/share, ending months long speculation. The deal, a 9% premium, is expected to close later this year. 👛📈