Tommy Hilfiger firm bought for $1.6bn

Four months after it put itself up for sale, clothing company Tommy Hilfiger Corporation agreed to accept a $1.6bn (€1.3bn) or 16.80 dollars a share, cash bid from Apax Partners, a private investment company.

Hilfiger, known for its red, white and blue logo that resembles a signal flag in sailing regattas, expects the deal to close by Spring 2006 subject to shareholder approval.