The VF Corporation said on Monday that it would acquire Timberland in a $2 billion deal that would add to the apparel company’s extensive collection of brands like the North Face, Jansport, Nautica and Vans.
The deal, at $43 a share, represents a more than 40 percent premium to Timberland’s closing price on Friday.
With the addition of Timberland, VF’s sports group will account for 50 percent of the company’s overall sales. Timberland is expected to notch revenue of $1.6 billion this year, with the majority coming from outside the United States. VF estimates that it can bolster sales at Timberland by some 10 percent a year, in part by growing the international business and women’s footwear.
Full story: VF Corporation to Buy Timberland | The New York Times