Fossil Inc. Completes Acquisition of Skagen Designs Ltd.
Fossil Inc., the watch retailer and supplier headquartered in Richardson, Texas, announced that it has completed the previously announced acquisition of Reno, Nevada-based Skagen Designs Ltd. effective April 2, 2012.
The deal, which was originally announced in January, saw Fossil acquire the Nevada-based watch and jewelry supplier and certain of its international affiliates for $231.7 million in cash, which includes a working capital adjustment of approximately $6.7 million, and 150,000 shares of Fossil Inc. common stock. In addition, the sellers may receive up to 100,000 additional shares of Fossil common stock if Fossil's net sales of Skagen-branded products exceed certain thresholds.
"It is a great privilege to join together with our Skagen colleagues to share their Danish design story with the world," said Kosta Kartsotis, CEO of Fossil. "Skagen is unique and has enormous potential as a lifestyle brand. We see many similarities in the history and values of our two companies and look forward to creating something greater together."
Skagen Designs manufactures, markets and distributes watches, jewelry, sunglasses and clocks. Fossil, famous for its watches and leather lifestyle pieces, sells to the promotional products industry through Fossil Corporate Markets.
"The opportunities for Skagen under the Fossil umbrella are endless and we look forward to building this wonderful brand," said Henrik Jorst, co-founder of Skagen.
For more information, visit www.fossil.com.