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March 3, 2016, 7:34 p.m. EST

Samsonite confirms $1.8 billion deal to purchase Tumi

Luggage maker has made numerous acquisitions in recent years

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By Josh Beckerman

Goran Bogicevic/Shutterstock
A Tumi luggage store is seen in Denver, Colorado.

Samsonite International SA said Thursday it agreed to buy luxury luggage maker Tumi Holdings Inc. for about $1.8 billion.

The Wall Street Journal reported late Wednesday that a deal was in the works.

Hong Kong-based Samsonite /zigman2/quotes/203535856/delayed HK:1910 -3.49%   will pay $26.75 a share, a 33% premium to Wednesday’s closing price of $20.13. The shares rose 30% to $26.20 on Thursday.

Tumi , based in South Plainfield, N.J., makes everything from rolling luggage to tablet cases and briefcases. It had its initial public offering in 2012. The company, founded in 1975, has more than 100 of its own stores and its products are also sold at high-end department stores and other retailers.

Samsonite’s acquisitions in recent years have included Chic Accent, Hartmann, High Sierra and Lipault.

An expanded version of this report appears on WSJ.com.

HK : Hong Kong
HK$ 8.56
-0.31 -3.49%
Volume: 4.98M
Sept. 18, 2020 4:09p
P/E Ratio
Dividend Yield
Market Cap
HK$12.27 billion
Rev. per Employee

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