In a transaction that values the company at about $1.2 billion, women’s apparel retailer Chico’s FAS Inc. announced on Friday that it has agreed to be acquired by Sycamore Partners..
The deal, which is expected to close in the third quarter of this year, will see Sycamore Partners pay $3.50 per share in cash for Chico’s FAS. This represents a premium of approximately 13% to the company’s closing share price on Thursday..
Chico’s FAS is a leading omnichannel retailer of women’s clothing, accessories, and footwear. The company operates over 1,400 stores in the United States and Canada, as well as an e-commerce business..
Sycamore Partners is a private equity firm that specializes in retail and consumer investments. The firm has a track record of success in acquiring and growing retail brands, including Aeropostale, Ann Taylor, and Talbots..
The acquisition of Chico’s FAS is expected to help Sycamore Partners further expand its portfolio of retail brands. The firm plans to invest in the company’s stores, e-commerce business, and marketing efforts..
