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V.F. Corp. to acquire footwear brand Altra

V.F. Corp. on March 14 said it entered a definitive purchase agreement with ICON Health & Fitness Inc. to acquire its footwear brand Altra.

The retailer, which owns brands such as Vans and The North Face, did not disclose the financial terms of the deal.

V.F. added that Altra, which ICON launched in 2011, generated about $50 million in revenue over the last 12 months.

The deal is expected to close in April, according to the release.