It’s here at long, long last! The wedding of the century. Forget those royals, forget that person on TV with a skating rink on her finger: After months of sparring, Men’s Wearhouse is buying Jos. A. Bank for $1.8 billion. Let’s hope the new couple doesn’t get into another fight over who will provide the tuxedos.
Both companies have played the suitor in the months-long, often kind of nasty battle to buy each other out, but it appears Men’s Wearhouse has emerged the victor. The two rivals announced today that Men’s Wearhouse is forking over about $65 per share to buy Jos. A. Bank, to create a company with expected annual sales of $3.5 billion, reports the Los Angeles Times.
The new couple will be proud parents to 1,700 stores in the U.S. and 23,000 employees once all is said and done, but the two chains will still operate as separate brands.
“We are pleased to have reached this agreement with Jos. A. Bank, which we believe will deliver substantial benefits to our respective shareholders, employees and customers,” said Doug Ewert, Men’s Wearhouse chief executive. “Together, Men’s Wearhouse and Jos. A. Bank will have increased scale and breadth.”
And Jos. A. Bank won’t be bringing any other companies along, as the company agreed to drop its plans to buy Eddie Bauer as part of the buyout deal.
The two should become one in the next few months if federal officials approve the acquisition.
Follow MBQ on Twitter but don’t expect any wedding talk: @marybethquirk
Men’s Wearhouse to buy Jos. A. Bank for $1.8 billion after long battle [The Los Angeles Times]