Steve Madden (SHOO) Acquires Canadian Licensee fro $29 Million
Down)
Steve Madden (Nasdaq: SHOO) today announced that it has signed a definitive agreement to acquire substantially all the assets of privately held Steve Madden Canada Inc., Steve Madden Retail Canada Inc., Pasa Agency Inc. and Gelati Imports Inc. (together, “SM Canada”). As Steve Madden’s Canadian licensee, SM Canada markets Steve Madden products in Canada on a wholesale basis as well as in Steve Madden-branded retail stores.
The purchase is a cash transaction for approximately $29 million, subject to a working capital adjustment, plus certain earn-out provisions based on financial performance through March 31, 2017. The transaction is expected to be accretive, contributing approximately $0.05 - $0.07 in diluted EPS in 2012.
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The purchase is a cash transaction for approximately $29 million, subject to a working capital adjustment, plus certain earn-out provisions based on financial performance through March 31, 2017. The transaction is expected to be accretive, contributing approximately $0.05 - $0.07 in diluted EPS in 2012.
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