Coach has confirmed that it will acquire Kate Spade & Co for $2.4 billion. The New York-based brand has been looking for an acquisition for months, according to reports, as it looks to turn around its business in the anemic handbag market. The $2.4 billion purchase price is expected to be funded half in cash and half in debt, Coach said. The deal is not subject to any financing condition.
The deal is expected to close in the third quarter of 2017 and add to adjusted earnings in fiscal 2018, Coach said.