Tommy Sold for $1.6 Billion

Tommy Hilfiger Corp. was purchased for $16.80 per share, or about $1.6 billion, by global private equity fund Apax Partners. In August, the company hired J. P. Morgan Securities Inc. to help look for “strategic alternatives,” including recapitalization and share buybacks. Founder, Honorary Chairman and Principal Designer Tommy Hilfiger will remain with the company as principal designer and chairman of the Strategy and Design Board. Apax will also retain Fred Gehring, chief executive officer of Tommy Hilfiger Europe, and Ludo Onnink, chief financial officer of Tommy Hilfiger Europe. Gehring will take over as chief executive officer in place of David F. Dyer, who has opted to leave the company. The deal is expected to be completed this spring.