US: K-Swiss to acquire 57% of Palladium for $8.3m
Athletic footwear firm K-Swiss is to buy 57% of French shoe brand Palladium SAS for EUR5.3m (US$8.33m).
The cash purchase price includes a loan of EUR3.6m, K-Swiss said.
In addition, the company has agreed to acquire the remaining 43% of Palladium based on a formula driven by Palladium's EBITDA for the year ending 2012.
Closing of the 57% equity purchase is expected by 1 July 2008.
Palladium, based in St Priest, France, designs and sells fashion footwear under the Palladium brand primarily in Europe.
Its revenues are projected to be approximately EUR15m for the 2008 fiscal year and Palladium is currently profitable, K-Swiss said in a statement.
In a separate transaction, K-Swiss earlier bought the Palladium trademarks in the US and Canada for US$6m in cash.
Steven Nichols, chairman of the board and president, said: "The acquisition of Palladium is a strong strategic fit for us."
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