Aurum Holdings Ltd. entered into a entered into a stock purchase agreement to acquire Mayor's Jewelers Inc. from Birks Group Inc. (AMEX:BGI) for approximately $100 million on August 11, 2017. Under the terms, Aurum will pay $102.1 million in cash subject to purchase price adjustments related to the amount of cash, working capital, capital expenditures, transferred indebtedness, and inventory and $4.6 million inventory being purchased by Birks. The agreement may also be terminated if the closing conditions remain unfulfilled or are not waived on or before November 30, 2017. In case of termination Birks will receive $4.5 million as reverse break-up fee. The transaction value represents 7.8 times the EBITDA of Mayor’s in the fiscal. The transaction is subject to receipt of certain third-party consents, inventory purchase agreement, Transition Services Agreement, Services Agreement and Authorized Dealer Agreement. Proceeds from the transaction will be used by Birks to continue its strategic growth initiatives, specifically to invest in Canadian flagship stores and new store concepts, as well as in high-growth Birks brand wholesaling activities and e-commerce, as part of Birks omni-channel plan. Transaction proceeds will also be used to pay down outstanding debt under Birks senior secured credit facilities that include term debt and working capital debt associated with Mayor’s. The transaction is expected to close in the fall of 2017. Vendôme Global Partners and Eureka Capital Markets, LLC acted as financial advisors to Birks. Ernst & Young provided fairness opinion while Tammy Knight of Holland & Knight LLP acted as legal advisor for Briks. David K. Lakhdhir of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for Aurum Holdings. Aurum Holdings Ltd. completed the acquisition of Mayor's Jewelers Inc. from Birks Group Inc. (AMEX:BGI) for approximately $110 million on October 23, 2017. The proceeds were used to pay down most of Birks's outstanding debt under its senior secured facilities that include term debt and working capital debt.