22 02 2016

PVH Corp. to acquire the the 55% interest in TH Asia Ltd. form Apax Partners

Simpson Thacher has advised Apax Partners in connection with its agreement with PVH Corp. (“PVH”) for PVH to acquire the 55% interest in TH Asia Ltd., their joint venture for Tommy Hilfiger in China, that PVH does not already own.


The purchase price for the transaction is approximately $172 million, net of cash of approximately $100 million, subject to adjustment. Completion of the transaction is expected to occur in the second quarter of 2016, and is contingent upon customary closing conditions and necessary regulatory approvals. PVH Corp., one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Warner’s and Olga, and its licensed brands, including Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John and Chaps. Apax Partners LLP is an investment firm specializing in direct and fund of fund investments in middle market. The firm, led by Andrew P. Sillitoe, Mitchell L. Truwit, Martin Halusa, Maurice Tchenio and Isabelle Probstel, is based in London. The Simpson Thacher team includes Ryerson Symons, Matthew Rogers (Picture) and Jivaji More (M&A); Shaolin Luo, Yang Wang and Lupeng Liu (Corporate – China); Gary Mandel, Devin Heckman and Michael Badain (Tax); Jamin Koslowe and Alina Grinman (Executive Compensation and Employee Benefits); David Vann and Étienne Renaudeau (Competition); Lori Lesser (Intellectual Property); and Adeeb Fadil (Environmental). Involved fees earner: Ryerson Symons - Simpson Thacher & Bartlett; Matthew Rogers - Simpson Thacher & Bartlett; Jivaji More - Simpson Thacher & Bartlett; Shaolin Luo - Simpson Thacher & Bartlett; Yang Wang - Simpson Thacher & Bartlett; Gary Mandel - Simpson Thacher & Bartlett; Devin Heckman - Simpson Thacher & Bartlett; Michael Badain - Simpson Thacher & Bartlett; Jamin Koslowe - Simpson Thacher & Bartlett; Alina Grinman - Simpson Thacher & Bartlett; Lori Lesser - Simpson Thacher & Bartlett; David Vann - Simpson Thacher & Bartlett; Étienne Renaudeau - Simpson Thacher & Bartlett; Adeeb Fadil - Simpson Thacher & Bartlett;

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