VF Corporation Acquires the North Face, Inc.

VF Corporation, the world's largest apparel company, has acquired all outstanding shares of The North Face Inc. The terms of the transaction are estimated at $25 million.

VF Corporation will buy the 12.7 outstanding North Face shares at $2.00 per share, net to the seller in cash. The tender offer is expected to close in mid May.

"By acquiring North Face, VF adds a global dimension to its growing portfolio of strong outdoor lifestyle brands," said Mackey McDonald, VF's chairman and chief executive officer. With approximately $240 million in annual revenues, The North Face, Inc. designs and distributes technically engineered outerwear, activewear, and sportswear internationally.

Geoffrey Lurie, The North Face's chief executive officer, will continue to serve in his current role, reporting directly to Mackey McDonald.

Edited by Anndrea Vorobej