Gap Inc. (NYSE:GPS) acquired Intermix, Inc. from Goode Partners LLC and others for approximately $130 million on December 31, 2012. Intermix has sales of around $130 million a year. Post acquisition, Khajak Keledjian, the founder and Chief Executive Officer of Intermix, Inc. will be appointed as Chief Creative Officer of Intermix, Inc. Keledjian and Adrienne Lazarus, the President of Intermix, Inc. will report to Art Peck, the President of Gap’s Growth, Innovation and ... Digital division. Mario Paura and Rockey Delfino of Stikeman Elliott LLP acted as the legal advisor and The Sage Group, LLC acted as financial advisor to Intermix in the transaction. Howard Sobel, David Wheeler, Bradd Williamson, Austin Ozawa, Hayley Moore, Michelle Kelban, Matthew Dukes, Jeffrey Tochner, Laurence Stein, Lauren Murphey of Latham & Watkins LLP acted as legal advisors for Intermix. Randi Lesnick of Jones Day acted as legal advisor for Goode Partners LLC.
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The Board of Directors of Gap Inc. (NYSE:GPS) authorized a share repurchase program on January 3, 2013. Under the program, the company will repurchase $1 billion worth of common stock. The authorization reinforces the company’s commitment to returning excess cash to shareholders. The authorization also reflects the continued strength of Gap Inc.’s free cash flow generation in supporting both growth initiatives and cash distributions. As of February 2, 2013, the company ... has repurchased 808,029 shares for $25.38 million.
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