li--fung-buys-tommy-hilfigers-global-sourcing-ops

Li & Fung buys Tommy Hilfiger's global sourcing ops

The acquisition is the second largest in Li & Fung's history and will cost the company $247.8 million.
Li Fung announced yesterday it had acquired the global sourcing operations of Tommy Hilfiger for $247.8 million.

Li Fung is a buying agency for consumer goods with its headquarters in Hong Kong and a network of over 70 offices in 40 countries. The payment of $247.8 million will be financed from internal cash reserves and the transaction effected through its 100% subsidiary, LF Centennial.

Li Fung raised HK$2.77 billion $356 million in a share placement in September last year, with the stated aim of creating a war chest for future acquisitions. The issuance coincided with a spike in Li FungÆs share price and was deemed opportunistic by market observers. But Li Fung has earned...
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