Goldman Sachs, JPMorgan, and UBS are leading a debt financing to support HSG’s acquisition of Italian luxury sneaker group Golden Goose, according to a report by Bloomberg citing people familiar with the matter. The financing is expected to total between €800m and €900m, with additional lenders set to join the bank group.
The debt is likely to be structured as high-yield bonds, potentially including floating-rate notes, in line with Golden Goose’s existing capital structure. The transaction is expected to launch to investors toward the end of the first quarter and could attract demand from global high-yield investors, including Asian funds.
The transaction ranks among the largest acquisitions of a European luxury brand by a Chinese buyer in recent years, ahead of Prada SpA’s €1.25bn acquisition of Versace.
HSG, formerly Sequoia Capital China, reportedly agreed in December to acquire Golden Goose from private equity firm Permira in a deal valuing the business at just over €2.5bn. Singapore’s Temasek will take a minority stake in the company, while Permira will also retain a minority holding.
