VF boosts portfolio with Timberland deal
GREENSBORO, N.C. and STRATHAM, N.H. — VF Corp., owner of the Wrangler, Lee, 7 For All Mankind, among other big name apparel brands, has added another apparel juggernaut to its ranks. The company announced that it has signed a definitive merger agreement with The Timberland Company. VF will pay Timberland shareholders $43 per share, representing a total enterprise value of approximately $2 billion net of cash acquired. The merger agreement was unanimously approved by both companies’ boards of directors.
Timberland is a global footwear and apparel company with expected 2011 revenues of $1.6 billion, over half of which are generated internationally, the companies reported.
“The Timberland brand is synonymous with high quality outdoor footwear and apparel," said Eric Wiseman, chairman and CEO of VF Corp. "This acquisition will continue the transformation of VF’s portfolio, propelling VF’s outdoor and action sports businesses to 50% of total revenues."