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Friday, January 7, 2011

Perry Ellis to buy Rafaella for about $70 mln, (NASDAQ: PERY)

Perry Ellis International Inc (PERY.O) said it agreed to acquire privately held Rafaella Apparel Group for about $70 million to strengthen its presence in the women's apparel market. The company will also issue warrants to purchase 106,564 common shares. Perry Ellis, which had been scouting for a womenswear brand for some time now [ID:nSGE6AG081], will finance the deal through its senior credit facility and cash on hand.