VF will expand its outdoor and actions sports business to include Timberland in a definitive merger agreement.
Round-up of today’s M&A deals
VF will expand its outdoor and actions sports business to include Timberland in a definitive merger agreement. Both companies’ boards of directors have unanimously approved the merger agreement which represents a total enterprise value of approximately $2 billion (£1.2 billion).
VF’s outdoor and action sports business, which also includes Vans, Jansport, Eastpak and other brands, will make up 50 per cent of the company’s total revenue.
CEO of VF Eric Wiseman says: ‘Timberland’s unique rugged outdoor positioning will perfectly complement the premium, technical positioning of VFs North Face brand, while Timberland’s Smartwool brand will offer the company a leadership position in a new category’.
Wiseman confirmed that Timberland’s headquarters will remain in New Hampshire, USA.
The acquisition, which is expected to close in the third quarter, should add approximately $700 million to VF’s 2011 revenues with Timberlands projected performance.
Round-up of today’s M&A deals
- Sable Mining Africa, acquires 298 sq km exploration permit on the Mount Kakoulima mafic-ultramafic igneous intrusive through its 80 per cent owned subsidiary Guinea Mataux de Bases SA
Sector: Natural Resources
Value: undisclosed
Advisers: Seymour Pierce, Matrix Corporate Capital, GMP Securities, St Brides Media & Finance
- UK Coal announced plans for a joint venture with its biggest shareholder, Manchester-based property and investment firm Peel Group, that will result in waste facilities developed at 11 properties
Sector: Development
Value: £14.7 million
Advisers: undisclosed
- Isis Property Trust investment fund has purchased a new retail warehouse in Greater Manchester
Sector: Development
Value: £7 million
Advisers: undisclosed
- Scorpex to enter into the hazardous and toxic waste industry with its proposed subsidiary merger with Scorpex International, formerly Scorpion International Waste Solutions
Sector: Waste Management
Value: undisclosed
Advisers: undisclosed
