Michael Kors Holdings Ltd (NYSE:KORS) has announced that it is planning to acquire luxury shoe maker Jimmy Choo.

The deal will have Michael Kors paying 230 pence, which is roughly $3.00 in the United States, for Jimmy Choo. This has the total value of the transaction coming to $1.35 billion. KORS has received bridge financing from several lenders to complete the acquisition.

The Board of Directors for Michael Kors and Jimmy Choo have both given their acceptance of the deal. However, the deal will still need approval from regulators, as well as shareholders of Jimmy Choo, before the deal can close.

When it comes to getting approval from Jimmy Choo shareholders, the deal is almost already confirmed. JAB Luxury, Jimmy Choo directors and Sandra Choi hold 69.21% of the company’s shares and will vote in favor of the deal. The vote will need approval from 75% of the company’s shareholders to move forward.

Michael Kors says that it expects the deal for Jimmy Choo will help it in the long run. It is predicting that the acquisition will start being accretive to its GAAP earnings in fiscal 2020.

Michael Kors’ decision to buy Jimmy Choos comes after the company put itself up for sale in April of this year. JAB Luxury, the majority shareholder of the shoe maker, has been moving away from the fashion market. Jimmy Choos has also seen its sales growth slow over the last couple of years.

KORS stock was down slightly as of Tuesday afternoon and is down 18% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.