Big Law

Authentic Brands Group Shelves Its IPO Plans to Sell Stake in a $12.7 Billion Bill

Retail conglomerate Authentic Brands Group will shelve a planned initial public offering and instead sell significant equity stakes in its business to private equity firm CVC Capital, hedge fund HPS Investment Partners and a pool of existing stakeholders.

The deal, which was announced Monday, gives the company a $12.7 billion enterprise value.

Authentic Brands’ portfolio companies include apparel retailers Forever 21 and Aeropostale, department store chain Barneys New York, men’s suit maker Brooks Brothers and Sports Illustrated magazine. Early next year, its deal to buy sneaker maker Reebok is expected to close, adding another brand to its holdings.

Read the source article at cnbc.com

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