PPR announces that it completed its acquisition of Volcom, acquiring 87.4 percent of the company’s shares by the conclusion of its extended offer period.
The French luxury goods and fashion company PPR, which offered $24.50 per share of Volcom, said it plans to acquire the remaining shares “as soon as practicable.”
“PPR’s Sport & Lifestyle Group is well-positioned to develop in the promising segment of action sport, thanks to Volcom’s outstanding brand with strong identity and unique heritage,” said François-Henri Pinault, chairman and CEO of PPR. “Together with Volcom’s senior management and teams, we will set out to take advantage of the synergies that will allow Volcom to reach a new stage in its development while keeping true to its values and customers.”
Volcom CEO Richard Woolcott added: "With PPR, we now have the opportunity to further develop Volcom on a global level with the benefit of an entrepreneurial-minded, quality-driven and socially conscious partner."