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(Bloomberg) -- Michael Kors Holdings Ltd. agreed to buy Jimmy Choo Plc for about 896 million pounds ($1.2 billion), clinching the London-based maker of strappy stilettos, handbags and perfume.
The handbag maker will pay 230 pence a share to to add the luxury shoemaker to its stable. The price is equal to about 17.5 times Jimmy Choo’s adjusted Ebitda for 2016. The boards of both companies approve the deal, they said in a statement Tuesday.
The Jimmy Choo brand first rose to prominence in the late 1990s and early 2000s, boosted by high-profile devotees including the late Princess Diana to the fictional Carrie Bradshaw in television series Sex and the City.
The shoemaker was acquired by private-equity investors three times before being bought by JAB Holding Co. for more than 500 million pounds in 2011. JAB, the investment vehicle of the billionaire Reimann family, sold a stake in a 2014 initial public offering, though with a 68 percent holding has remained the company’s majority owner.
(Corrects value of transaction in lead.)
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