News: GZL PVH Corp Announces Agreement To Acquire Gazal Corp Limited

Feb 20 (Reuters) - Pvh Corp PVH.N :

• PVH CORP ANNOUNCES AGREEMENT TO ACQUIRE GAZAL CORPORATION LIMITED
• AGGREGATE NET PURCHASE PRICE FOR APPROXIMATELY 78% OF GAZAL SHARES BEING ACQUIRED IS APPROXIMATELY A$124 MILLION
• PROPOSED ACQUISITION TO GIVE PVH FULL CONTROL OF ITS BRANDS IN AUSTRALIA
• TRANSACTION IS EXPECTED TO RESULT IN A MATERIAL INCREASE TO PVH'S 2019 EARNINGS PER SHARE ON A GAAP BASIS
• PVH WOULD ACQUIRE INTERESTS IN GAZAL CORPORATION THAT IT DOES NOT ALREADY OWN FOR A$6.00 PER SHARE
• EXCLUDING NONCASH GAIN, TRANSACTION IS EXPECTED TO BE SLIGHTLY ACCRETIVE TO PVH'S 2019 EARNINGS ON A NON-GAAP BASIS
• IF ACQUISITION IS CONSUMMATED, PVH WILL ACQUIRE ITS JOINT VENTURE WITH GAZAL, "PVH BRANDS AUSTRALIA PTY LIMITED"