Private Equity Firm Purchases Samsonite

Skadden is representing Samsonite Corporation, one of the world's largest luggage manufacturers, in its acquisition by funds managed and advised by CVC Capital Partners, a leading global private equity firm. The all-cash transaction is valued at approximately $1.7 billion, including the assumption of debt.

The transaction, announced on July 5, was unanimously approved by the Board of Directors of Samsonite.

Entities controlled by Ares Management LLC, Bain Capital Partners, LLC and Teachers' Private Capital, the private investment arm of Ontario Teachers' Pension Plan, who collectively own approximately 85 percent of Samsonite's common stock, have agreed to approve the transaction and have entered into a written consent and voting agreement with CVC in this regard.

The transaction is expected to close during the fourth quarter of 2007.