Coach Inc., the luxury-accessories maker, agreed to buy rival Kate Spade & Co. in a deal valued at $2.4 billion, concluding a sale process for the handbag maker that began in winter. Kate Spade shareholders will receive $18.50 per share in cash, Coach said in a statement on Monday. The transaction represents a 27.5 percent premium to Kate Spade's closing price on Dec. 27, the day that reports about a possible sale first appeared. The acquisition will add to earnings from fiscal 2018, and will lead to "double-digit accretion" by the following year, Coach said. It comes after Kate Spade said in February that it was exploring strategic alternatives.