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Why Michael Kors Is Paying $1.2 billion for Jimmy Choo

TheMotleyFool

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Why Michael Kors Is Paying $1.2 billion for Jimmy Choo

Michael Kors Holdings (NYSE: KORS) has agreed to buy U.K.-based high-end shoemaker Jimmy Choo from its owner, JAB Holding. This is Michael Kors' first acquisition in its limited history as a publicly traded company. Here's a closer look at the tie-up between the two well-known fashion brands.

Michael Kors will pony up 230 pence ($3.00) per share, or around $1.2 billion in total, for Jimmy Choo, one of the most high-profile luxury shoe brands in the fashion world. The deal has been approved by the boards of directors of both companies.

Image source: Jimmy Choo.

Source: Fool.com