WHP Global & Express Make The First Joint Acquisition - Menswear Brand Bonobos From Walmart - Express (OTC:EXPR), Walmart (NYSE:WMT)

Fashion apparel retailer Express Inc EXPR and brand management firm WHP Global (WHP) will acquire menswear brand Bonobos Inc from Walmart Inc WMT for $75 million.
Bonobos, founded in 2007, was acquired by Walmart in 2017.
The deal marks the first acquisition to be made jointly by WHP Global and EXPR since finalizing their strategic partnership earlier this year.
WHP Global will acquire the Bonobos brand for a purchase price of $50 million, while EXPR will acquire the operating assets and assume the related liabilities of the Bonobos business for $25 million.
EXPR will be granted the right to use the intellectual property acquired by WHP Global for the operation of the Bonobos business in the U.S. In return, EXPR will pay a royalty fee.
Also Read: Walmart Closes Four Chicago Stores As Losses Run In Millions
The transaction is expected to close in EXPR's second fiscal quarter of 2023.
"Bonobos is delivering double-digit sales growth and we plan to continue that momentum while also realizing operating synergies and other economies of scale," said EXPR CEO Tim Baxter.
"This is a compelling addition to our brand portfolio, and I expect the transaction will be accretive to operating income and free cash flow positive in fiscal 2023."
Bonobos CEO John Hutchison will become Brand President of Bonobos and report to Tim Baxter after the transaction closes. Bonobos will remain at its current headquarters in New York.
Price Action: EXPR shares are trading higher by 12.75% at $0.7597 in premarket on the last check Friday.
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