TRANSACTION EXPECTED TO CLOSE IN 2024
TAPESTRY, THE OWNER of brands including Coach and Kate Spade, agreed to acquire Michael Kors parent Capri Holdings in an $8.5 billion deal that shows the wave of consolidation in the luxury-goods sector is far from finished.
The New York-based firm is paying $57 a share in cash, according to a statement Thursday, a 65% premium over Capri's last closing price. The transaction is expected to close in 2024, subject to approval by regulators and Capri shareholders.
"We are confident this combination will deliver immediate value to our shareholders," Capri chief executive officer John Idol said in the statement. "By joining with Tapestry, we will have greater resources and capabilities to accelerate the expansion of our global reach."
Tapestry shares fell as much as 6% in early trading before paring their decline. Capri was up 59%.
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