Reuters: Private Equity: UPDATE 1-Collective Brands to be bought for about $1.32 bln

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UPDATE 1-Collective Brands to be bought for about $1.32 bln May 1st 2012, 14:19 Tue May 1, 2012 10:19am EDT May 1 (Reuters) - Footwear retailer Collective Brands Inc signed a deal to be bought by shoemaker Wolverine Worldwide Inc and two private equity firms for about $1.32 billion. Wolverine, along with Blum Capital Partners and Golden Gate Capital, will pay $21.75 in cash for each Collective Brands share - a 4.7 percent premium to the stock's close on Monday. The company's shares have been rising over the past few months on reports of takeover interest. As part of the deal, Wolverine Worldwide will get brands like Sperry Top-Sider, Saucony, Stride Rite and Keds, which generated revenue of more than $1 billion last year. Blum Capital and Golden Gate will together buy the operations of Payless ShoeSource and Collective Licensing International (CLI), which will operate as a single company. They had a combined revenue of about $2.4 billion last year. The companies said the deal, seen closing later this year, will have a minimal impact on Wolverine's 2012 results. But it is expected to add 25 cents to 40 cents per share to the company's earnings in 2013. Collective Brands shares were trading at $21.22 on Tuesday morning on the New York Stock Exchange.

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