Samsonite confirms deal to buy Tumi (TUMI)

Samsonite International SA said Thursday it agreed to buy luxury luggage maker Tumi Holdings Inc. for about $1.8 billion. Samsonite will pay $26.75 a share, a 33% premium to Wednesday’s closing price of $20.13. The shares rose 30% to $26.20 on Thursday.

     

Tumi, based in South Plainfield, N.J., makes everything from rolling luggage to tablet cases and briefcases. It had its initial public offering in 2012. The company, founded in 1975, has more than 100 of its own stores and its products are also sold at high-end department stores and other retailers.

In 2015, Tumi’s sales increased 3.9% to $547.7 million.