Our US offices are representing G-III Apparel Group Ltd., a Nasdaq-listed company that is a leading designer, manufacturer and marketer of branded apparel and accessories, in its acquisition of Donna Karan International Inc., owner of the Donna Karan and DKNY brands, from luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton. G-III and LVMH have entered into a stock purchase agreement with respect to this transaction.
The transaction, with an enterprise value of US$650 million, is expected to close in late 2016 or early 2017.
G-III plans to finance the acquisition with US$75 million of newly issued G-III common stock to LVMH and a US$75 million six and a half year seller note, as well as with financing commitments from Barclays and JPMorgan Chase Bank for a US$525 million asset-based lending credit facility and a US$450 million, six-year term loan.
G-III owns brands such as Vilebrequin and G.H. Bass while holding fashion licenses under Calvin Klein, Tommy Hilfiger, Karl Lagerfeld, Kenneth Cole and many other prominent brands, as well as sports licenses with each of the four major team sports leagues in the US.
Our corporate, M&A and securities team was led by Neil Gold
and Manny Rivera
with support from Sal Favuzza. Douglas Danzig
and Jarret Stephens
advised on real estate issues.
Sheldon Elefant, James Dreyfus
and Alan Aronson
provided support on tax and benefits issues. Neil Sparber
assisted on employment and labor matters. Dan Wellington
counseled on antitrust issues. Linda Merritt
and Sue Ross
provided IP support. Felice Galant
advised on litigation matters.