South Korean apparel conglomerate E-Land has completed its US$170m acquisition of California-based footwear maker K-Swiss.

K-Swiss is now an indirect wholly-owned subsidiary of E-Land, and will no longer be traded on the NASDAQ stock market.

E-Land said it would use existing resources and credit facilities to fund the acquisition when it was announced in January.

Earlier this week, K-Swiss shareholders voted in favour of the deal.

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K-Swiss and E.Land World Complete Merger

WESTLAKE VILLAGE, Calif. & SEOUL, South Korea--(BUSINESS WIRE)--K•Swiss Inc. (NASDAQ: KSWS) and E.Land World Ltd. announced today that E.Land has completed its acquisition of K•Swiss in a merger transaction. K•Swiss is now an indirect wholly-owned subsidiary of E.Land.

Pursuant to the merger agreement, K•Swiss stockholders will receive $4.75 in cash, without interest, for each share of K•Swiss common stock that they owned immediately prior to the merger. Letters of transmittal allowing K•Swiss stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly after the closing. Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash as such conversions will be handled by the respective bank or broker.

As a result of the merger, the Class A common stock of K•Swiss will no longer be traded on the NASDAQ Stock Market.

Goldman, Sachs & Co. acted as financial advisor to K•Swiss, and Gibson, Dunn & Crutcher LLP acted as legal advisor. Morgan Stanley & Co. acted as financial advisor to E.Land, and Linklaters LLP acted as legal advisor.

 

Original source: http://www.businesswire.com/news/topix/20130426005743/en