Bonobos, the popular fashion apparel business owned by Walmart, will be purchased by Express (NYSE:EXPR) and WHP Global for $75 million, the firms announced on Thursday.
WHP will contribute $50 million to buy the brand and EXPR will acquire its operating assets and liabilities for $25 million.
“Bonobos is delivering double-digit sales growth and we plan to continue that momentum while also realizing operating synergies and other economies of scale. This is a compelling addition to our brand portfolio, and I expect the transaction will be accretive to operating income and free cash flow positive in fiscal 2023,” EXPR CEO Tim Baxter said.
Source: Seeking Alpha
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