Fossil completes buyout of Skagen Designs

Fossil Inc. has consummated the acquisition of privately held Nevada-based Skagen Designs, Ltd. and some of its partners for $231.7 million in cash.Zacks Investment Research reported that the leather handbags and watches retailer

announced the acquisition in January this year, finishing the operation last week. The acquisition price includes a working capital adjustment of approximately $6.7 million, and 150,000 Fossil shares.

As per the deal, the sellers of Skagen may get an additional 100,000 Fossil shares, if Skagen products meets certain revenue targets.

Besides acquiring Skagen’s unique designs, Fossil will benefit from the acquired company´s significant presence in Europe and emerging markets of East Asia. Skagen has company-owned retail stores in Denmark, Germany, U.K. and Hong Kong and sells products in 75 markets globally.