Zumiez to Acquire Blue Tomato
Zumiez announced that it's signed a definitive purchase agreement to acquire Blue Tomato, a European action sports retailer based in Austria. The total purchase price will be 59.5 million EUR. In addition to the purchase price, the agreement provides for an additional 22.1 million EUR of contingent future payments based upon achieving certain performance objectives related to growth over the next three years. The acquisition, which will be funded by Zumiez's existing cash balances, is projected to close prior to the end of the second quarter of 2012.