Kontoor closes $750M Lee sale to Authentic Brands, nets $698.2M; plans $450M buyback

Kontoor Brands, Inc.

Completed Nov 2, 2026 sale of all Lee stock to ABG-Storm LLC (Authentic Brands affiliate); $750M cash before adjustments, ~$698.2M received net.
Additional earnout up to $250M over five years on Lee performance; fair value estimated at $77.0M at closing.
Plans accelerated share repurchase of $400M plus $50M open-market buybacks; repurchased shares retired immediately.
Pro forma FY ended Jan 3, 2026 revenue $2.63B vs $3.38B combined; continuing-ops diluted EPS $2.68 vs $3.71 as reported.
Pro forma cash $754.4M at Oct 3, 2026; senior notes indenture requires net proceeds applied to debt or reinvested within 540 days.

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