Fashion accessories maker Fossil Inc said it will purchase privately held Skagen Designs Ltd for about $236.8 million in a cash and stock deal to add the maker of designer watches, jewelry, sunglasses and clocks to its portfolio.Fossil will pay Reno, Nevada-based Skagen Designs about $225 million in cash and 150,000 of its shares.In addition, Skagen could receive up to 100,000 additional Fossil shares if the net sales of its branded products exceed certain targets, Fossil said in a statement.The acquisition is expected to close by February 2012.
Fossil, Inc. is a global designer, marketer and distributer company that specializes in consumer fashion accessories. Shares of FOSL remained unchanged at $78.98. In the past year, the shares have traded as low as $66.05 and as high as $134.98. On average, 1234210 shares of FOSL exchange hands on a given day and today's volume is recorded at 100.
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