Apax Partners has completed its previously announced acquisition of the Tommy Hilfiger Corporation for a purchase price of approximately $1.6 billion in cash to shareholders.

Tommy Hilfiger, the company's founder and principal designer, commented, "We are very excited as we embark on this new chapter in the evolution of our global lifestyle company. In Apax Partners, we have an outstanding new partner, and we look forward to working together to take the Tommy Hilfiger brand to new heights."

Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and women's sportswear, jeanswear and childrenswear. Apax Partners is a private equity investment group operating across the United States, Europe, Israel and Asia.