NEW YORK (CNNMoney) -- Apparel company VF Corp. has signed a deal to buy The Timberland Co. for more than $2 billion, the companies said Monday.
VF (Fortune 500), which already has outdoor and casual-theme brands like The North Face and Vans, has agreed to buy Timberland for $43 a share.,
Timberland's () stock surged more than 40% on the news in premarket trading.
VF Chief Executive Eric Wiseman said, "VF will benefit from Timberland's rugged outdoor footwear expertise, international penetration in markets such as Japan and leadership position in sustainability."
|Yahoo must learn from past merger mistakes|
|Tesla's fight with America's car dealers|
|Yahoo buys Tumblr, promises to not 'screw it up'|
|Amateur investors tap 401(k)s to buy homes|
|Yahoo's $1.1 billion acqui-hire of David Karp|