Ropes & Gray Advises Samsonite in Financing for Tumi Acquisition
Ropes & Gray represented Samsonite International S.A. in connection with the financing for its planned acquisition of Tumi Holdings, Inc. for $26.75 per share in an all-cash transaction that values Tumi at an equity valuation of $1.8 billion. Samsonite intends to fund the acquisition through committed bank financing. In connection with the transaction, Morgan Stanley, HSBC, SunTrust and MUFJ have arranged committed financing.
Samsonite is the world’s largest travel luggage company, with a heritage dating back more than 100 years. It is principally engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags, and travel accessories throughout the world.
The transaction, announced March 3, has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2016, subject to the receipt of approvals by Samsonite and Tumi shareholders, the receipt of required regulatory approvals, and the satisfaction of other customary closing conditions.
The Ropes & Gray team was led by finance partner Stefanie Birkmann (New York).