Tommy Hilfiger Corporation and Apax Partners, a global private equity firm, have announced a definitive agreement under which Apax Partners will acquire Tommy Hilfiger Corporation in a merger, representing a transaction value of approximately $1.6 billion.

Tommy Hilfiger, the company's founder, honorary chairman, and principal designer said, "This is an exciting new phase in our evolution as a global lifestyle company. I am also pleased that in addition to ensuring the strength of the Tommy Hilfiger brand at the higher end of the spectrum, we can continue to move ahead with the already successful global expansion. I will continue to be actively involved in the business and believe that Apax Partners is the ideal partner to help us in our next stage of growth."