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K-Swiss to buy stake in Palladium SAS

By Associated Press
May 22, 2008 | Comments (0)

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Shoe maker K-Swiss Inc. on Thursday said it agreed to buy a 57 percent stake in Palladium SAS for about 1.7 million euros ($2.7 million.)

K-Swiss will also provide a loan of 3.6 million euros ($5.6 million).

Westlake Village, Calif.-based K-Swiss also agreed to acquire the remaining stake in the company based on a formula related to Palladium's earnings before interest, taxes, depreciation and amortization for the year ending Dec. 31, 2012.

The deal is expected to close by July 1.

Palladium is based in St. Priest, France.

K-Swiss previously acquired Palladium trademarks in the U.S. and Canada for $6 million. The company said the deal is part of a plan to focus on brands that offer long-term growth potential.

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