March 7, 2013 / 12:41 PM / 5 years ago

PPR close to clinching deal to buy Pomellato-sources

MILAN/PARIS March 7 (Reuters) - French luxury and sports brand group PPR is close to clinching a deal to acquire Italian jeweller Pomellato after offers from rivals including shareholder Damiani were rebuffed, sources close to the matter said.

“It is substantially close. The Damiani family submitted an offer with a private equity fund, but PPR won,” a source with first-hand knowledge of the matter said.

Separately, a banking source said PPR was near closing the acquisition which the second source said would value the jeweller at around 350 million euros ($455.00 million) or 15 times the company’s earnings before interest, tax and depreciation.

Pomellato declined to comment on talks with PPR. It would only say: “The company is considering strategic options for its future.” ($1 = 0.7692 euros) (Reporting by Massimo Gaia, Antonella Ciancio and Astrid Wendlandt, editing by Christian Plumb)

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