Luggage company Samsonite Corp. said it agreed to be acquired by CVC Capital Partners Ltd. for about $1.1 billion on Thursday.

The deal, which was approved by Samsonite's board, values Samsonite at $1.49 a share. That represents a 12 percent premium over the firm's closing price on July 3. Including debt, the transaction is valued at $1.7 billion.

Samsonite manufactures luggage and travel accessories under several brands, including Samonsite, American Traveler, Lacoste, and Timberland. It is the largest luggage maker in the world.

The firm's board unanimously approved this transaction.

Entities controlling 85 percent of the company’s stock have also approved the transaction, Samsonite said.

The groups include Ares Management, Bain Capital Partners and Teachers' Private Capital, the private investment arm of Ontario Teachers' Pension Plan.

The deal is expected to close in the fourth quarter of 2007, and is subject to regulatory approval in the United States and Europe, the company said.

Shares of the company jumped 10 cents, or 7.9 percent to $1.43 in over the counter mid-day trading.