China’s Fortune Fountain Capital To Acquire French Luxury Crystal Retailer Baccarat

Fortune Fountain Capital, a financial group established by the Wang Xizhi family of Hong Kong and Mainland China, has made an irrevocable offer to acquire 88.8% of French luxury crystal brand Baccarat, from affiliates of private equity firms Starwood Capital Group and L Catterton.

Under terms of the deal, Fortune Fountain would acquire Euronext-listed Baccarat for €222.7 per share, or an aggregate price of around €164 million (US$185 million). Closing of the purchase would be followed by the filing of a mandatory tender offer for all remaining outstanding Baccarat stock at the same price per share, the firms announced.

At this stage, Fortune Fountain does not intend to have Baccarat delisted from Euronext Paris, the firm said. However, depending on the outcome of the tender offer process and what is deemed in the best interest of Baccara...

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