Kontoor Brands Enters Into Definitive Agreement to Sell Lee® Business to Authentic Brands Group

GREENSBORO, N.C.--(BUSINESS WIRE)---- $KTB--Kontoor Brands, Inc. (NYSE: KTB) today announced it has signed a definitive agreement to sell the Lee® business to Authentic Brands Group (Authentic) for up to $1 billion, including an initial transaction value of $750 million and a $250 million earnout opportunity in future years based on the performance of Lee under Authentic's ownership. The transaction is subject to required regulatory approvals and customary closing conditions. “The Lee transaction is a d.