Levi Strauss Will Sell Dockers to Authentic for $311 Million

Levi Strauss & Co. has entered a pact to sell khaki maker Dockers to Authentic Brands Group for an initial transaction value of $311 million, as the denim retailer seeks to bolster its namesake brand and premium products.

The deal has the potential to reach up to $391 million through an $80 million earnout opportunity in future years based on Dockers’ business under Authentic’s ownership, according to a statement from Levi.

Levi said it intends to return about $100 million of the net cash proceeds from the transaction to shareholders through share repurchases, in line with its established capital allocation ...