(AOF) – Fashion and luxury group, Tapestry announces the acquisition of Capri Holdings Limited, thus becoming a powerful global house of iconic brands in this sector of activity. Under the terms of the transaction, Capri Holdings shareholders will receive $57 per share in cash for a total enterprise value of approximately $8.5 billion. The combined company generated global annual revenue of more than $12 billion, with a presence in more than 75 countries.
It earned nearly $2 billion in adjusted operating profit in the prior fiscal year.
Capri Holdings owns the Versace, Jimmy Choo, and Michael Kors brands.