Samsonite confirms $1.8 billion deal to purchase Tumi

Mar 04, 2016, 05:26
Samsonite confirms $1.8 billion deal to purchase Tumi

Luggage giant Samsonite said Friday it would buy United States luxury bag maker Tumi in a deal worth $1.8 billion.

Samsonite, which saw its shares bounce almost 5 percent to HK$24.85 ($3.20) in morning trade following the announcement, said Tumi was a "perfect strategic fit" for its business.

Tumi shares had soared 30% to $26.20 in NY on Thursday amid reports of the deal.

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Exact terms of a deal couldn't be learned, but New South Plainfield, Jersey-based Tumi could be valued at close to $2 billion, based on a "typical premium", and the company's $1.4 billion market value, according to the Journal.

"The team at Samsonite has a long and successful track record when it comes to acquisitions and we know they will be excellent stewards of the Tumi brand", Tumi CEO Jerome Griffith said in a press release.

Samsonite went public in Hong Kong in 2011 after being taken private in 2007 by a private equity firm.

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Samsonite's global net sales for the first six months of 2015 were $1,2bn.

Mansfield, Massachusetts-based Samsonite bought electronic- device protective case maker Speck Products for US$85 million in 2014 and assets of High Sierra Sport for US$110 million in 2012.

Pending regulatory and shareholder approvals, the deal is expected to be closed in the second half of 2016.

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