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Foley Guides Kontoor Brands in Agreement to Sell Lee® Business to Authentic Brands Group

Foley & Lardner LLP is serving as the legal advisor to Kontoor Brands, Inc. (NYSE: KTB) in its sale of the Lee® business to Authentic Brands Group.

Under the definitive agreement, Kontoor Brands is selling Lee, one of the most recognizable names in denim, for an initial purchase price of $750 million and an earnout of up to $250 million in future years based on Lee’s performance, for total cash consideration of up to $1 billion. The sale is expected to close in the second half of 2026, subject to required regulatory approvals and other closing conditions.

Kontoor Brands maintains a portfolio of three of the world’s most iconic lifestyle, outdoor, and workwear brands: Wrangler®, Lee®, and Helly Hansen®. The sale supports Kontoor’s strategy to streamline its brand portfolio in a manner that allows for greater investment in high-performing assets.

Foley’s M&A team is led by partner Bryan Schultz with key support from associates Justin Lauria-Banta, Tallie Fote, Seap Bhardwaj, and Luis Herrera, together with significant subject matter support from a multidisciplinary team that includes partner Tim Voigtman and associate Hugh Zehr (Tax), partner Leigh Riley (Employee Benefits), partner Dan Kaplan and senior counsel Katelynn Williams (Labor & Employment), partner Chris King and associate Meghan Tierney (IP), and partner Greg Neppl and associate Richard Lee (Antitrust).

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