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Tommy deal to close by spring

NEW YORK – Apax Partners Worldwide, a global private equity firm, will close on its $1.6 billion acquisition of Tommy Hilfiger Corporation paying $16.80 a share in cash by sometime this spring, pending shareholder approval, according to the company.

Company founder Tommy Hilfiger will remain active as principal designer and chairman of the strategy and design board, but serve in a new role upon closing of the transaction. David Dyer, CEO of Tommy Hilfiger Corp., will leave the company and Fred Gehring, CEO of Tommy Hilfiger Europe, will assume leadership. Dyer is also the former president of Lands’ End.

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