Hong Kong Retailer I.T to Go Private in $168 Million Deal
- CVC Capital to hold 49% of company after going private
- Company cites market conditions, digital disruptions for deal
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Hong Kong fashion retailer I.T Ltd. agreed to go private in a cash deal worth about HK$1.3 billion ($168 million) with its business decimated by the pandemic and a shift to online retailing.
The deal, which is backed by private equity firm CVC Capital Partners, will see non-founder shares bought at HK$3 a piece in cash, according to a Hong Kong stock exchange filing. That’s about a 55% premium to the stock’s last closing price, the filing said. As part of the proposal, the founders will retain about 51% ownership, with CVC owning the remainder.