PPR to acquire Volcom for $607 million
Volcom and PPR have announced the successful conclusion of business negotiations.
Apparel specialist PPR is set to acquire US clothing retailer Volcom for more than $607 million (£364 million).
The two parties announced that business negotiations had resulted in the signing of a definitive agreement for the merger at $24.50 per share, which is expected to be completed by the third quarter of 2011.
Commenting on the announcement, Francois-Henri Pinault, chairman and chief executive officer of PPR, described Volcom as one of the most "desirable" global sports brands.
"We admire Volcom's brand management capabilities and the unique voice in which it speaks to its customers, expressed in high-quality, fashion-forward, innovative apparel and accessories," he said.
Similar comments were issued by his Volcom counterpart Richard Woolcott, who claimed PPR is the "perfect partner" to help take the company to the "next level of success".
This comes after Synthes announced it would be merging with healthcare giant Johnson and Johnson as part of the creation of a new orthopaedics business.