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V.F. selling Nautica to Authentic Brands Group

V.F. Corp. said March 19 that it agreed to sell its Nautica clothing brand to Authentic Brands Group. Terms of the deal were not disclosed.

This comes about a month after the apparel and footwear maker revealed it was looking to offload Nautica.

Steve Rendle, V.F.'s chairman, president and CEO, said in a statement that the deal was in line with the company's priority to "actively manage our brand portfolio to ensure that its composition positions us to accelerate growth."

The North Carolina-based company's portfolio of remaining brands includes Vans, The North Face and Wrangler.

Authentic Brands Group is a New York-based brand development, marketing and entertainment company that manages a roster of brands including Aéropostale and Juicy Couture.

The transaction is expected to close in the first half, subject to customary closing conditions and regulatory approvals.

BofA Merrill Lynch was V.F.'s financial adviser for the deal, while Davis Polk & Wardwell LLP is serving as legal adviser.