VF Corp. (Denver) is planning to purchase the apparel brand Supreme (New York) for $2.1 billion. The company said it would make an additional $300 million payment subject to satisfaction of “certain post-closing milestones,” reports CNBC.
VF Corp.’s shares rose 10 percent to $77.24 in premarket trading after the announcement. Supreme’s current investors, Goode Partners (New York) and Carlyle Group (Washington, D.C.), are selling their stakes in the company.
VF Corp. owns a range of brands including The North Face, Timberland and Vans.