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Fossil to Acquire Skagen Designs

Deal Involves Cash & Stock

Jan 11, 2012 4:22 PM   By Ricci Dipshan
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RAPAPORT... Fossil Inc., designer and manufacturer of clothing, jewelry, watches, handbags, and other accessories, agreed to purchase Reno, Nevada-based Skagen Designs Ltd., which is maker of watches, jewelry, sunglasses, and clocks. Fossil estimated the value of the deal at about $236.9 million in cash and stock and will also acquire Skagen’s international affiliates, which operate regional offices in Denmark, Hong Kong, Germany, the U.K. and Canada.

Fossil will pay $225 million in cash, with the balance in 150,000 shares.  Additional payment of 100,000 Fossil shares will be contingent upon meeting sales milestones. Fossil’s customers include Neiman Marcus, Nordstrom, Target and Walmart and it holds licensing agreements with Michael Kors, Marc Jacobs and Armani.
Tags: Fossil Inc., Neiman Marcus, Nordstrom,, Ricci Dipshan, Skagen Designs, target, Wal-Mart
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