The Firm is representing Apax Partners in connection with its agreement with PVH Corp. (“PVH”) for PVH to acquire the 55% interest in TH Asia Ltd., their joint venture for Tommy Hilfiger in China, that PVH does not already own. The purchase price for the transaction is approximately $172 million, net of cash of approximately $100 million, subject to adjustment. Completion of the transaction is expected to occur in the second quarter of 2016, and is contingent upon customary closing conditions and necessary regulatory approvals.
PVH Corp., one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Warner’s and Olga, and its licensed brands, including Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John and Chaps.
The Simpson Thacher team includes Ryerson Symons, Matthew Rogers and Jivaji More (M&A); Shaolin Luo, Yang Wang and Lupeng Liu (Corporate – China); Gary Mandel, Devin Heckman and Michael Badain (Tax); Jamin Koslowe and Alina Grinman (Executive Compensation and Employee Benefits); David Vann and Étienne Renaudeau (Competition); Lori Lesser (Intellectual Property); and Adeeb Fadil (Environmental).