Capri Holdings (CPRI) is nearing a deal to sell Versace to Prada for nearly 1.5 billion euros ($1.56 billion), Bloomberg reported over the weekend, citing people familiar with the matter.
Shares of Capri were up nearly 10% pre-bell.
Initial due diligence did not identify any risks and the parties could finalize a deal this month, sources told Bloomberg.
Terms of the potential deal are not yet final and talks could still fall apart, according to the report.
Capri and Prada did not immediately reply to MTNewswires' requests for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.