British luxury label Ted Baker will bring its footwear operation in-house, according to Footwear News.
The deal will see Ted Baker acquire the issued share capital of No Ordinary Shoes Limited and No Ordinary Shoes USA, the entities through which Pentland Brands, the label’s licensee since 2001, operate its shoe business.
The acquisition was valued at £13 million, or an estimated $17 million. Pentland will also receive an adjustment for net assets of No Ordinary Shoes during closing, valued between £4 million and £8 million.
The transaction will close Dec. 31.