Express shares soar 23% after deal to buy Bonobos from Walmart at a big discount

Shares of apparel retailer Express Inc. soared more than 20% in extended trading Thursday after announcing a deal to buy menswear brand Bonobos from Walmart Inc. for a fraction of what the mega-retailer paid to acquire it in 2017.

Express EXPR and brand management firm WHP Global announced late Thursday they are buying Bonobos for a combined purchase price of $75 million. Walmart WMT bought Bonobos for $310 million in 2017 as part of a major effort to acquire buzzy online brands to boost its e-commerce business.

Walmart’s…