BIRKENSTOCK IN TALKS FOR US$5B SALE TO CVC CAPITAL

Birkenstock, the German company behind the iconic sandals worn by hippies and preppies alike, is in talks to be taken over by CVC Capital Partners, according to people familiar with the matter. The private equity firm is in advanced negotiations with the family owners of the nearly 250-year-old brand, according to the people, who asked not to be identified. A deal could value the business at more than 4 billion euros (US$4.8 billion) including debt, the people said. While Birkenstock launched its sandals in the 1960s, the brand's roots stretch all the way back to 1774, when Johann Adam Birkenstock was working as a cobbler in the German state of Hesse. CVC already controls high-profile brands like Breitling SA, the Swiss watchmaker it took over in 2017.