|
Texas ties up shoe deal
|
 |
August 30, 1999: 7:00 a.m. ET
U.S. investment group adds upscale Swiss shoe to European portfolio
|
LONDON (CNNfn) - Texas Pacific Group boosted its European portfolio Monday with the acquisition of shoe and fashion chain Bally from the Swiss-based conglomerate Oerlikon-Buehrle.
No price was disclosed, but analysts suggested Fort Worth-based Texas Pacific is paying over 300 million Swiss francs ($196 million) for the loss-making stores, expanding a European portfolio which already includes motorbikes and bars.
Oerlikon-Buehrle is streamlining its operations and has already sold its real-estate business and puts its Pilatus aerospace unit up for sale. Oerlikon shares advanced 1.2 percent to 234.50 Swiss francs in Zurich following the announcement of the Bally deal. Both sides aim to complete the sale, which is subject to regulatory approval, by the end of October.
Texas Pacific has led a stream of U.S. private equity and buyout specialists into Europe. The flood of U.S. arrivals, which includes Kohlberg Kravis Roberts, have boosted their European operations to take advantage of the rapid pace of corporate restructuring in the region.
Texas has already taken a 70 percent stake in Punch Taverns, the U.K.-based pub operator which recently won a four-month battle for control of the bar assets of drinks group Allied Domecq (ALLD).
The group has control of Ducati, the formerly ailing Italian motorbike manufacturer, and has been linked with a bid for Piaggio, the scooter manufacturer.
-- from staff and wire reports
|
|
|
|
|
|
Oerlikon-Buehrle
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
