Express, WHP Global to acquire Bonobos from Walmart in $75M deal

Express (EXPR) and global brand management firm WHP Global announced a definitive agreement to acquire menswear brand Bonobos, Inc. from Walmart (WMT). This is the first acquisition to be made jointly by WHP Global and EXPR since finalizing their strategic partnership earlier this year. "Our strategic roadmap to transform EXPR to create shareholder value includes achieving profitable growth in our core Express business – which is our first priority – optimizing our omnichannel platform, and accelerating our growth and profitability through our partnership with WHP Global," said Tim Baxter, EXPR Chief Executive Officer. WHP Global and EXPR have entered into a definitive agreement with Walmart Inc. to acquire Bonobos, Inc. for a combined purchase price of $75M. WHP Global will acquire the Bonobos brand for a purchase price of $50M. EXPR will acquire the operating assets and assume the related liabilities of the Bonobos business for a purchase price of $25M. Concurrent with the closing of the transaction, WHP Global and EXPR will enter into an exclusive long-term license agreement with multiple renewal options granting EXPR the right to use the intellectual property acquired by WHP Global for the operation of the Bonobos business in the U.S. in exchange for EXPR’s payment of a royalty fee to WHP Global. The transaction is expected to close in EXPR’s second fiscal quarter of 2023, subject to customary closing conditions.