On May 6, 2010, Jones Apparel Group, Inc. announced that it has entered into an agreement to acquire Stuart Weitzman Holdings, LLC, a privately held leading designer and manufacturer of women’s salon footwear and accessories. Under the terms of the agreement, Jones will make initial cash payments of approximately $180 million to selling shareholders, including Irving Place Capital, for a 55% interest in Stuart Weitzman. Stuart Weitzman will be the principal owner of the remaining 45% interest. The selling shareholders will receive cash payments for their remaining interest at the end of 2012, based upon the value of Stuart Weitzman at that time.
The Cravath team includes partners Thomas E. Dunn and George F. Schoen and associates Jonathan L. Corsico, Merritt S. Johnson and Gregory J. Ligelis on corporate matters; partner Andrew W. Needham and associates Leonard J. Teti II and Andrew Carlon on tax matters; partner Eric W. Hilfers and associates Jared R. Whalen, Jarrett R. Hoffman and Michael J. Schobel on executive compensation and benefits matters; associate Joyce Law on real estate matters; and associate Annmarie M. Terraciano on environmental matters.