Reports: Micheal Kors Nears Deal To Buy Versace For $2 Bln – Quick Facts

Fashion group Michael Kors Holdings Ltd. (KORS) is nearing a deal to acquire Italian fashion house Gianni Versace SpA, according to media reports on Monday, citing people familiar with the matter.

Michael Kors may make an official announcement about the deal as early as this week, with the deal reportedly valuing Versace at about $2 billion.

Versace had been considering an initial public offering, but adverse market conditions did not allow it proceed with the IPO.

Private equity firm Blackstone Group LP plans to sell its 20 percent stake in Versace in the deal. Blackstone acquired the 20 percent stake in Versace back in 2014.

The Versace family, which owns 80 percent of the company, will continue to have a role under any deal, according to the media reports.

Italian newspaper Corriere della Sera first reported about a potential deal earlier on Monday.

by RTTNews Staff Writer

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