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CVC Capital Looks To Bag Samsonite For $1.7bn

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CVC Capital, looking to stash $1.7bn in cash, announced today that it would buy the luggage maker Samsonite. Without debt, the deal is worth $1.1bn or $1.49 per share, 16 cents over Tuesday’s closing price. Bain Capital Partners LLC and Teacher’s Private Capital, who together hold 85% of common stock approved the aquisition.
The surprise CVC deal comes just a month after Samsonite announced plans to raise $500mn by listing its shares in the London Stock Exchange.
Samsonite is trading up nearly 8% with the news.
CVC Capital to Acquire Samsonite for $1.1 Billion [Wall Street Journal]