Kiwi merino wool clothing maker Icebreaker Holdings was sold to US apparel giant VF Corp for $288 million in a competitive tender process, Overseas Investment Office documents show.
North Carolina-based VF Corp withheld the price paid when it announced the deal was completed with OIO approval. The acquisition added Icebreaker to VF’s Smartwool brand, which the US firm said would position it as a global leader in merino wool and natural fibres.
The OIO granted consent for the deal on March 13, putting a $288 million price tag on the takeover. Icebreaker’s shareholders sought a tie-up with “an established international entity or group for global market access, logistics and management opportunities” to “fully realise Icebreaker’s growth potential” and picked VF as its preferred buyer after a competitive tender process, a summary of the decision said.