Subsequent events

6 Months Ended

Jul. 29, 2017

Subsequent Events [Abstract]

Subsequent events

Subsequent events

On August 23, 2017, Sterling Jewelers Inc. (“Sterling”), a Delaware corporation and a wholly-owned subsidiary of Signet, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Signet (solely for purposes of Section 8.12 of the Merger Agreement), Aquarius Sub Inc., a Delaware corporation and a wholly-owned subsidiary of Sterling (“Merger Sub”), R2Net Inc., a Delaware corporation (“R2Net”), and Shareholder Representative Services LLC, a Colorado limited liability company, in its capacity as Seller’s Representative (as defined in the Merger Agreement).

Pursuant to the Merger Agreement, among other things, Merger Sub will merge with and into R2Net (the “Merger”), with R2Net being the surviving corporation of the Merger and a wholly-owned subsidiary of Sterling. The purchase price of the transaction is $328 million in cash, subject to customary post-closing adjustments provided in the Merger Agreement. The transaction is currently expected to close in the third quarter of Fiscal 2018 subject to customary closing conditions and regulatory approval and will be financed with a short-term loan.