Nike Completes Deal To Sell Its Cole Haan Brand To Apax
Nike on Friday announced that it has finalized a deal to sell its Cole Haan brand to private equity firm Apax for $570M. Apax, which "outbid several other private equity firms" including TPG, is bringing in former Converse CEO Jack Boys to run the brand (NYTIMES.com, 11/16). Nike Global Corporate Communications Dir Mary Remuzzi said that some of Nike's patents "will continue to be used by Cole Haan during a transition period" (BLOOMBERG NEWS, 11/16).
At presstime, shares of Nike at $92.40, up 1.73% (THE DAILY).