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BRIEF-Cherokee Global Brands announces intent to acquire Hi-Tec Sports International

Nov 28 Cherokee Inc

* Cherokee Global Brands announces intent to acquire Hi-Tec Sports International

* Cherokee -Upon closing of transaction, Cherokee will sell substantially all assets related to Hi-Tec's wholesale operations to new operating partners

* Cherokee-Expects Hi-Tec to contribute about $19 million of licensing revenue and $7 million in adjusted ebitda during first full FY after closing of deal

* Cherokee Inc says has secured license agreements for core footwear categories

* Cherokee - Intends to fund purchase price through cash on hand, proceeds from a new credit facility with Cerberus Business Finance, LLC among others

* Cherokee Inc - Deal for an aggregate cash purchase price of approximately $95.8 million on a cash-free debt-free basis

* Cherokee Inc says proceeds from sale of assets related to Hi-Tec's wholesale operations shall fund a portion of Hi-Tec acquisition purchase price Source text for Eikon: Further company coverage:

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