Jones Closes Weitzman Deal

Jones Apparel Group Inc. said Wednesday it completed its acquisition of 55 percent of the equity interests in Stuart Weitzman Holdings LLC.

The deal, first announced on May 6, is part of a two-stage agreement between Jones and Weitzman.

Under the terms of the deal, Jones made initial cash payments of about $180 million to the selling shareholders, including Irving Place Capital.

The selling shareholders, including Weitzman, will receive cash payments for their remaining interest at the end of 2012, based on the value of the company at that time.

As reported, Weitzman will remain on board at the company as executive chairman.