Samsonite Corp., the 97-year-old luggage maker, has agreed to be bought by CVC Capital Partners Ltd. for about $1.1 billion.

Los Angeles-based Ares Management LLC, Boston-based Bain Capital LLC and the Ontario Teachers’ Pension Plan, which combined own 85 percent of Samsonite’s common stock on the Over-The-Counter Bulletin Board, backed the agreement, the Mansfield, Mass.-based company said in a statement on Thursday.

London-based CVC, which Europe’s second largest buyout firm, will pay $1.49 for each share of Samsonite. That values company at 12 percent more than its closing share price on July 3. Including the assumption of debt, the transaction value totals $1.7 billion.

The company expects the purchase to close in the fourth quarter.