Aditya Birla Fashion and Retail has entered into definitive agreements to acquire TCNS Clothing (TCNS), the owner of leading ethnic brands W, Aurelia, Wishful, Folksong and Elleven. This transaction with be carried out through acquisition of the founding promoter’s stake through a SPA and a conditional public open offer followed by Merger between the two entities. The value of the promoter stake and open offer consideration for TCNS is around Rs 1650 crore for 51% stake, making this one of the largest deals in the Indian fashion space.
Aditya Birla Fashion and Retail is engaged in providing branded fashion apparels and accessories, and the retail sale of clothing, footwear and leather articles in stores. It operates through two segments: Madura Fashion & Lifestyle, and Pantaloons. The company's brands include Louis Philippe, Van Heusen, Allen Solly and Peter England.
