Signet Jewelers said Tuesday that it will acquire online jewelry retailer Blue Nile for $360 million in an all-cash deal, in a bid to appeal to younger consumers and grow its bridal business.
Signet said the revised figures do not take into account further material worsening of macroeconomic factors that could hurt consumer spending, nor its pending acquisition of Blue Nile.
Even in a down market, Drosos said, the company's strong balance sheet and "dry powder" allowed it to fund an acquisition of Blue Nile to grow market share.
Earlier this year, Blue Nile and special purpose acquisition company Mudrick Capital Acquisition Corp.
Also, this person added, Bain was eager to cash out of the company and Signet had approached Blue Nile already last year about an acquisition.