Samsonite nears deal to buy Tumi Holdings

The world's biggest luggage maker, Samsonite International Sa is nearing a deal to buy Tumi Holdings Inc, the Wall Street Journal Reported on Wednesday.

A deal between the rivals could be announced as soon as this week, WSJ reported, citing people familiar with the matter. Exact terms of the deal were not mentioned in the report.

With a "typical premium" and considering Tumi's market value of $1.4 billion, the deal could value the luxury luggage maker at close to $2 billion, the Journal said.

Samsonite shares were trading at HK$23.72, flat from Wednesday's close, before being halted on the Hong Kong Stock Exchange.

A Samsonite spokesman declined to comment.

Tumi could not be reached for comment outside regular U.S. business hours.