Global fashion brand Michael Kors Holdings is acquiring luxury footwear and accessories brand Jimmy Choo in a transaction valued approximately $1.350 billion.

John D. Idol, chairman and CEO of Michael Kors, said, “We are pleased to announce the acquisition of Jimmy Choo, an iconic brand with a rich history as a leading global luxury house. Jimmy Choo is known worldwide for its glamorous and fashion-forward footwear.

“Pierre Denis will continue in his role as chief executive officer of Jimmy Choo. He has led the company since 2012, during which time Jimmy Choo experienced compounded sales growth of 11% annually. Additionally, Creative Director Sandra Choi will continue to lead the creative and design teams at the company. Sandra has been with Jimmy Choo since its inception and has been the sole creative director since 2013.”

Michael Kors, honorary chairman and chief creative officer of Michael Kors, said, “Jimmy Choo is a premier fashion luxury house that offers distinctive footwear, handbags and other accessories. We admire the glamorous style and trendsetting nature of Jimmy Choo designs. We look forward to welcoming Jimmy Choo to our luxury group.”

The transaction is not subject to a financing condition. Michael Kors has committed bridge financing from JPMorgan Chase Bank and Goldman Sachs Bank USA to satisfy the certain funds requirement of the U.K. Takeover Code to complete the transaction. The transaction is intended to be effected by a U.K. court-approved Scheme of Arrangement and is expected to close in the fourth quarter of calendar 2017.

Goldman Sachs and J.P. Morgan advised Michael Kors, while Bank of America Merrill Lynch and Citigroup advised Jimmy Choo.