Phillips-Van Heusen Corporation announced that, on April 2, 2010, the U.S. Department of Justice and Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for PVH's proposed acquisition of Tommy Hilfiger B.V. (together with its subsidiaries, "Tommy Hilfiger").
As previously announced, PVH has entered into a definitive agreement for PVH to acquire Tommy Hilfiger, which is controlled by funds affiliated with Apax Partners, L.P., for total consideration of EUR 2.2 billion (approximately $3.0 billion) plus the assumption of EUR 100 million in liabilities.
The closing of the transaction remains subject to receipt of financing and other customary conditions, including receipt of certain required foreign regulatory approvals, which PVH does not anticipate difficulty in obtaining. The transaction is expected to close during PVH's fiscal 2010 second quarter.
Phillips-Van Heusen Corporation
marketing@alchempro.com
