Authentic Brands Group LLC entered into an agreement to acquire Nautica brand business of V.F. Corporation.
March 18, 2018
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Authentic Brands Group LLC completed the acquisition of Nautica brand business of V.F. Corporation (NYSE:VFC) on April 30, 2018. V.F. Corporation received cash proceeds of approximately $290 million, subject to working capital and other adjustments.
Authentic Brands Group LLC entered into a definitive agreement to acquire Nautica brand business of V.F. Corporation (NYSE:VFC) on March 19, 2018. Authentic Brands Group will take on Nautica’s brand marketing and licensing functions as part of the transaction. Other parts of the operation will fall under the purview of Aero OpCo, the operating partner for Aéropostale. The transaction is subject to customary closing conditions and regulatory approvals. The transaction has been approved by Federal Trade Commission on April 6, 2018. The transaction is expected to close in the first half of 2018.
BofA Merrill Lynch acted as exclusive financial advisor and Marc O. Williams, Laura C. Turano, John B. Weinstein, Samuel F. Page, Frank J. Azzopardi, Daniel F. Forester, Soo Lim, Veronica M. Wissel, Tricia E. Walsh and Kathleen L. Ferrel of Davis Polk & Wardwell LLP acted as legal advisors to V.F. Corporation on the transaction. Edward T. Ackerman and Claudine Meredith-Goujon of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors to Authentic Brands Group LLC. Ted Ackerman, Robert Schumer, Claudine Meredith-Goujon, Lindsay Parks, David Sicular, Fisch, Robert Fleder, Reuven Falik, Mark Mendelsohn, Peter Jaffe, Rachel Fiorill, William O'Brien; and Marta Kelly of Paul, Weiss, Rifkind, Wharton & Garrison LLP erved as legal advisors to Simon Property Group, L.P. and Aero OpCo LLC (Aero), an operating partner to global brands, in the acquisition of VF Corporation’s Nautica® brand business by Authentic Brands Group, LLC (ABG) and the subsequent acquisition by Aero of substantially all of the operations of the Nautica® brand business.
V.F. Corporation is an apparel, footwear, and accessories company. The Company owns a broad portfolio of brands in the outerwear, footwear, apparel, backpack, luggage, and accessories categories. Its brands include Vans, The North Face, Timberland, and Dickies. The Company operates through three segments: Outdoor segment, Active segment, and Work segment. The Outdoor segment's product offerings include performance-based and outdoor apparel, footwear and equipment. The Active segment's product offerings include active apparel, footwear, backpacks, luggage and accessories. Its Work segment consists of work and work-inspired lifestyle brands with product offerings that include apparel, footwear and accessories. Its brands include Dickies, and Timberland PRO. The Company's direct-to-consumer business includes VF-operated retail stores, brand e-commerce sites, concession retail locations and other digital platforms.
V.F. CORPORATION 
