Samsonite, which makes packs and travel gear for Timberland, has
been purchased by CVC Capital Partners, a leading global private equity

The all-cash transaction is valued at about $1.7 billion, including the
assumption of debt. Under the terms of the agreement, funds managed by
CVC will acquire all of the outstanding common stock of Samsonite for
$1.49 per share in cash. Besides Timberland, Samsonite makes bags and
luggage under its the Samsonite Black Label, Lambertson Truex, American
Tourister and Lacoste names.

The transaction was unanimously approved by Samsonite's board.

Entities controlled by Ares Management, Bain Capital Partners and
Teachers' Private Capital, who collectively own approximately 85
percent of Samsonite's common stock, have agreed to approve the
transaction and have entered into a written consent and voting
agreement with CVC.

The transaction is expected to close during the fourth quarter and is subject to closing conditions and regulatory review.

Marcello Bottoli, Samsonite's CEO, said: “We believe that this
transaction delivers excellent value to all our shareholders. I am
excited to continue our successful journey to create the world's
leading travel lifestyle brand together with CVC Capital Partners.”