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VF, Nautica Tie Knot And Shoot for $1B Sportswear Business

VF Corp. completed its deal to acquire Nautica Enterprises on Wednesday for a total consideration of roughly $600 million. Here’s what’s next.

Varvatos also disclosed he is looking to open a freestanding women’s store in SoHo, near where the existing store is located.

Wiseman said Varvatos “can be a really big and important apparel brand in this country and we’re discussing with [the designer] how we can get it there.”

The merger makes Nautica a wholly owned subsidiary of VF. Nautica’s stockholders will receive $17 cash per share from VF. The firm also completed the purchase of David Chu & Co.’s rights to receive 50 percent of the net royalty income from licensing the Nautica trademark.

VF said the acquisition could add profits of 5 cents to 8 cents a share this year. Accordingly, overall earnings are slated to rise by 5 to 7 percent compared with the income of $3.24 created by ongoing operations in 2002.

Nautica could add at least 10 cents a share to the firm’s 2004 earnings.
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