Apax Partners has announced the acquisition of Tommy Hilfiger Corp. for $16.80 a share in cash, or approximately $1.6 billion. The deal requires the equity firm to pay a $50 million break-up fee if its calls off the deal. Apax’ other investments include Phillips-Van Heusen, Tommy Bahama and Spyder Active Sports. Tommy Hilfiger himself will remain the firm’s main designer and chairman of its strategy and design board. With the company’s international sales in much better shape than those in its home country, the current chief executive, David Dyer, will leave to be replaced by the current European manager, Fred Gehring.